{"id":11912,"date":"2018-09-16T06:47:13","date_gmt":"2018-09-16T06:47:13","guid":{"rendered":"https:\/\/everyday.ng\/?p=11912"},"modified":"2018-09-16T06:47:13","modified_gmt":"2018-09-16T06:47:13","slug":"presidency-blasts-hsbc-accuses-it-of-holding-abacha-loot-senators-ill-gotten-wealth","status":"publish","type":"post","link":"https:\/\/everyday.ng\/?p=11912","title":{"rendered":"Presidency blasts HSBC, accuses it of holding Abacha loot, Senator&#8217;s ill-gotten wealth"},"content":{"rendered":"<p style=\"font-weight: 400;\">By <strong>Garba Shehu<\/strong>, Senior Special Assistant to the President (Media &amp; Publicity)<\/p>\n<p>The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President Muhammadu Buhari would stunt the economy, that what killed Nigeria\u2019s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC.<br \/>\nA bank that soiled its hand with \u2018\u2018millions of US dollars yet-to-be-recovered Abacha loot\u2019\u2019, and continued until a few months ago to shield the stolen funds of one of the leaders of the Nigerian Senate has no moral right whatsoever to project that a \u201csecond term for Mr. Buhari raises the risk of limited economic progress and further fiscal deterioration.\u201d<br \/>\nRather, we ask them to heed President Buhari\u2019s constant refrain: return our stolen assets, then see how well we will do.<br \/>\nFrom the facts available to our investigation agencies, HSBC\u2019s put down on President Buhari is no more than an expression of frustration over the administration\u2019s measures put in place which has abolished grand corruption, the type which this bank thrives on in many countries.<br \/>\nThey may also just be out to discredit the President out of the fear of sanctions and fines following the national assets that are stolen.<br \/>\nWith the coming of President Buhari, it is not a secret that corruption, corrupt individuals, banks and other corporate entities that aided corrupt practices are under investigation for various offenses.<br \/>\nFor many of them, including their friends in the media, they would rather have President Buhari out of their way, for business as usual to return.<br \/>\nOur investigation agencies believe that HSBC had laundered more than USD 100,000,000 for the late General Sani Abacha in Jersey, Paris, London and Geneva.<br \/>\nAmong these accounts on the records are: AC: S-104460 HSBC Fund Admin Ltd. Jersey ($12,000,000); AC 37060762 HSBC Life (Europe), U.K ($20,000,000) and AC: 38175076 HSBC Bank Plc. U.K ($1,600,000).<br \/>\nThe bank is also suspected in the laundering of proceeds of corruption involving more than 50 other Nigerians, including a serving Senator as earlier indicated.<br \/>\nIn a book, \u201cSecrecy World: Inside the Panama Papers Investigation\u201d, published in 2017, Jack Bernstein told the story of global money laundering highlighting the unenviable place of the HSBC.<br \/>\nThis is a bank that states and federal authorities in the U.S. forced to pay $1.92 billion to settle charges of money laundering; fined $1.2 billion in Hong Kong for \u201csystemic deficiencies\u201d in bond sales and was made to pay $100 million in currency rigging settlement as reported by The Telegraph of 18th January, 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Garba Shehu, Senior Special Assistant to the President (Media &amp; Publicity) The Presidency wishes to make clear to all Nigerians, and particularly the global banking giant HSBC which said the second term of President Muhammadu Buhari would stunt the economy, that what killed Nigeria\u2019s economy in the past was the unbridled looting of state [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":11913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,7],"tags":[],"class_list":["post-11912","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"_links":{"self":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/11912","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11912"}],"version-history":[{"count":0,"href":"https:\/\/everyday.ng\/index.php?rest_route=\/wp\/v2\/posts\/11912\/revisions"}],"wp:attachment":[{"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11912"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11912"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/everyday.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11912"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}