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EFCC Attacks HSBC Over Report On Poor Economy Under Buhari

The Economic and Financial Crimes Commission has attacked HSBC Bank days after predicting that Nigeria’s current economic struggles look set to continue if President Muhammadu Buhari wins a second term in office.

The EFCC said in a post via its official Instagram page that the multinational banking group, which is Europe’s largest by total asset, was synonymous with money laundering.

This comes less than 24 hours after the Presidency also slammed HSBC, accusing it of benefitting from the corruption that plagued the country.

The commission said it would do everything possible to ensure that some of the funds stashed in the bank by the late dictator, General Sani Abacha, were repatriated.

In the post titled, ‘The Story of HSBC’, the anti-graft agency said over $100m was laundered by the bank on behalf of Abacha.

The EFCC said, “The HSBC bank is one of the largest banking and financial services organisations in the world. The HSBC’s international network comprises around 7, 500 offices in over 80 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa.

“Since inception, HSBC is synonymous with money laundering and has paid billions of US dollars in fines across the world.

“In Nigeria the bank laundered more than $100m for the late dictator, General Sani Abacha, in Jersey, Paris, London and Geneva. The bank is also involved with laundering proceeds of corruption for over 50 Nigerians including a serving Nigerian senator.

“Part of Abacha’s assets yet to be recovered are: $12m in HSBC Fund Admin Ltd with account number S-104460 in Jersey; $20m in HSBC Life (Europe) with account number 37060762 in the UK and $1.6m in HSBC Bank Plc with account number 38175076 in the UK.

“We shall not rest until every penny belonging to the Federal Republic of Nigeria is repatriated to Nigeria as to improve the lives of the people.”

Funny enough, Buhari who EFCC is supporting had said Abacha never stole any money.