x

Two banks, HSBC, UBS close their offices in Nigeria

Report from the Central Bank of Nigeria, CBN, has revealed that two global giant banks, HSBC and UBS have closed their respective offices and shut down operations in Nigeria.

The reason for the decision was not given but the apex bank had revealed that foreign direct investment in Nigeria fell to N379.84 billion in the first six months of 2018, compared to N532.63 billion recorded in 2017. ‘Technology, major reason for Nigeria’s global relevance’.

Recall that UBS opened its doors in Nigeria in mid-2014 to connect prospective clients with its offshore centers in Switzerland, the UK, Dubai and Singapore, where dedicated client advisers offer personalised service and full access to the bank’s vast global resources.

CBN according to PremiumTimes equally revealed that the rising foreign debt and uncertainty surrounding the 2019 presidential election was a drawback.

SME financing: DBN joins SME Finance Forum Reuters reports that investor confidence in Africa’s biggest economy has been shaken since the CBN got entangled in an alleged illegal repatriation of funds battle with telecom giant, MTN Nigeria.

Recall also that HSBC had predicted doom for the Nigerian economy should President Muhammadu Buhari wins in the forthcoming 2019 general election.

However, following its prediction, presidency through the minister of Information and culture, Alhaji Lai Muhammed, replied the global giant bank as follows: “We have all read that the Intelligence Unit of the Economist said the PDP will defeat the ruling APC in 2019.

Top banks struggle to grow earnings, profitability “We have also read that the international financial institution, HSBC, said Nigeria’s economic development will be stunted if President Buhari gets a second term.

“Let me state clearly that these reports are based on fake premises and, therefore, qualify as fake news.

“It is a psychological warfare by those who have been badly hit by our policies”.

The minister explained: “Our fight against corruption has meant that many financial institutions, especially banks, that fed fat on the proceeds of corruption are no longer able to do that.

“Also, international publications that used to feed fat on questionable supplements paid for by the Federal Government have seen a drastic reduction in such patronage, as the Administration cuts down on frivolous spending that was the order of the day in the past.

“Therefore, it is natural that these institutions and publications would not wish to see another term for this Administration.

“The truth, however, is that only the good people of Nigeria will determine who presides over the affairs of the country, not any bank or media establishment, irrespective of their influence or self importance”

We won’t rest until HSBC returns our money – EFCC In view of the above reply, the Economic and Financial Crimes Commission (EFCC), in a statement disclosed via the agencies official facebook handle, opined that it would not stop until every penny belonging to the country is returned.

Hot this week

Editors Urge Government To Create Safe, Enabling Environment For Journalists

· Ask security agents to find missing Vanguard journalistAs...

EXCLUSIVE: Buhari orders probe of Isa Funtua, AMCON over keystone and Etisalat

Following the controversy generated by the leading opposition party,...

6 Signs your boyfriend thinks you are ugly -Take note of No. 2

They say there are three kinds of people; the...

2023: South-East, Middle Belt Forum Endorses Peter Obi

The South-East and Middle Belt Forum has endorsed the...

“Much Ado About Special Seats”

By Adaora Onyechere Sydney-JackIn the grand amphitheater of democracy...

Tension as Female Christian Convert Faces Sharia Court Friday

...Urgent Appeal for InterventionBy Achadu Gabriel, KadunaKADUNA – Tension...

NOA Commends Kwara Government for Erecting 70 meter Flagpole Unity Symbol

By Joyce Remi-BabayejuThe National Orientation Agency (NOA) has commended...

Burna Boy Promises N200M to Portable If He Fights Cubana Chief Priest in Boxing Ring

Grammy-winning artist Burna Boy has reportedly pledged a staggering...

Schools Resume in Sokoto State with Impressive Turnout

By Muhammad Ibrahim, SokotoSOKOTO – Schools across Sokoto State...

Tinubu Returns to Abuja After Historic Visit to Vatican City

President Bola Tinubu returned to Abuja on Tuesday evening...

L-PRES Launches Conflict Resolution Sensitization Campaign in Sokoto State

By Muhammad Ibrahim, SokotoThe Livestock Productivity and Resilience Support...
spot_img

Related Articles

Popular Categories

spot_imgspot_img