People have been screaming about the exit of HSBC and UBS as sign of bad economics. That's a huge lie. I will try to explain it in a very simple way.

HSBC and UBS were never set up for regular banking. When I say regular banking, I mean retail banking. They never ran salary accounts; they were never set up to afford loans to customers etc.

Their sole purpose was to help customers who can afford their services an easy way to transfer funds overseas.

Many do not know that since the inception of BVN which has made it easier for financial regulatory bodies to monitor outflow & inflow on every account, HSBC had been plotting their exit.

If anyone of them can make their books public, you would find out they had more outflows than inflows. In other words, they were more involved in laundering 'dark money'.

BVN was created in February 2014 and then enforced by this government as from 2015.

What did that do

Every account owner was forced to get a BVN code on their account (s).

So, if law enforcement and financial regulatory bodies accuse you of fraud, with your BVN they can easily trace
which account(s) you have funds stashed.

Any account without a BVN can no longer be run, and the movement of (illegal) huge sums especially overseas became a massive problem.

So, imagine a bank, whose main source of revenue is moving funds overseas, suddenly can stay for months on end and the only customers it gets are those who maybe want to pay school fees overseas or medicals.

Won't the bank close shop?

No more wires of $200,000 and above to Dubai to buy that exotic penthouse or carrying on with shopping sprees.

No more bank instruments to private jet companies
overseas.

The importation of big boy toys: yachts, helicopters e.t.c. have reduced drastically.

Now, once you try to initiate a huge wire transfer, CBN red flags that account and next thing you know,
compliance is calling the account officer to produce Know Your Customer (KYC).

Within minutes SFU is also doing a background checks.

You immediately feel the heat if you cannot explain your source of funds, especially if you are a civil servant or close to government's corridor.

You would have to explain what the funds are for/how they were acquired and this drastically hit such banks like HSBC and UBS!

Banks like Stanbic IBTC are able to stay afloat because even though they use the same model as HSBC, they are also solid in retail banking.

Any bank that opens shop under this current government with the sole aim of moving funds overseas will surely fail!

Look closely at those who are leading groups against PMB.

They are private jet, helicopter, yacht, private universities's (school) owners.

Many own those beautiful houses we see in Dubai, Abu Dhabi, Oman, Muscat, Seychelles, London, USA.

Go to our airports especially Lagos and
Abuja. All those beautiful girls who once used to sell Dubai real estate deals are out of jobs.

The few you see have stopped hounding travelers like before.

Once upon a time you would see them hanging around airports and 5 star hotels.

It made me wonder why Nigerians were seriously marketing UAE real estate.

How do you think the transactions were being made?

Of course, through banks like HSBC and UBS (many of our local banks also were complicit)!

Now, every dollar that passes through CBN to a foreign bank must have complete paperwork!

Bankers are now very careful, no one wants to be invited by SFU (special fraud unit) or EFCC to produce a customer.

Who are those crying about their exit?

The Fayoses, Atikus, Ben Bruces and their minions etc.

Look at the youth coming online to defend them.

Many were being flown by helicopter to private resorts all over the country. That tap has dried up and that’s the reason you see many of them online pouring
vituperation on PMB

About 4 years ago, I told a friend that if PMB wins election, few banks would be in trouble,

Buhari won and it didn't take long before it started happening.

Many of the bank heads used depositors monies to sponsor politicians/campaigns.

And, when investigations started many tried not
only to hide their shady deals but shield customers under investigation.

Why won't these people hate PMB?

Why won't they blame their woes on PMB?

When I say many of these banks aren't setup for the common man, people wonder what I mean.

A very good example. Please write a lovely proposal for a good business deal and take to the banks.

Ninety percent of the time you won't get funding but let APC and PDP finish primaries and
produce governorship candidates.

Both candidates can walk into same bank and get as much as N500m each for campaigns. Banks didn't care then.

What's the worst that could happen?

Worst case scenario, one candidate would lose.

Whoever wins would bring enough investments that
would cover the N1bn both took.

That was conventional banking until PMB came onboard.

If say Sule Tankarkar Bank sponsors Rochas and he wins he would make sure almost all state accounts go to Sule Tankarkar Bank.

Some governors went as far as making their account officers commissioners as compensation (I don’t want to call names).

Some bank relationship managers would go on leave close to election period to join the clients on the campaign trail.

Once the client wins they resign their appointments with the bank and become political appointees.

Why would a bank worker do that if the bank hasn't invested heavily on that politician?

Suddenly PMB appears with this "yeye" BVN, TSA!

Banks now see SFU officers like regular staff as they are monitoring everything.

EFCC under Magu has become a pain in the
ass because money can't just disappear.

Who do they blame?

PMB!

The instant BVN came into effect, do you know how many accounts were lying dormant because of BVN?

With huge sums in them! Many folks especially people being investigated wouldn't want to come forward to claim them.

Oga Magu and the gang were waiting.

When many of these politicians or billionaires tell you the economy isn't doing so well, look closely at the person because many of them own some of these 5 star hotels. Some rooms go as much N300, 000 a night.

Once upon time some folks would pay for as much as one year for a room/suite upfront.

Many of those militants/ folks involved in oil bunkering operate this way.

Mondays through Fridays they are in the creeks sabotaging oil installations. By friday, they get into their convoys to PHC and then jet off to Abuja and Lagos where they eventually check into these hotels.

You enter a place like Transcorp weekends. You see them at the lobby, poolside and by Monday morning, banks are wiring funds to these hotels to cover expenses.

Today, the oil bunkering isn’t as lucrative as it once was.

First, price of crude had dropped. So, selling bunkered oil wasn't really worth it as it used to be.

Secondly, many countries are cutting down on the purchase of crude and thirdly, our military is hitting them harder than before.

So, who is to blame? PMB!

They tell you banks are falling because of PMB; lies!

Banks are falling because banks were never made for the common man. I mean naija banks!

TSA has collapsed most government accounts into central accounts.

So, we no longer have many government accounts littered all over our banks.

Many of such accounts were set up just to steal and launder government monies.

Am I saying Nigeria has suddenly become fine for the common man?

HELL NO!

Nigeria, for some years, has never favored us (the ordinary folks) but this is the first time we are seeing the crooked elite joining us to complain!

The fact they are complaining means something is being done to halt their crooked ways.

Whatever it is, BABA PLEASE CONTINUE!

And, as for the common man, we didn’t get here in four years!

It took years of plundering, bad planning or no planning at all to get here.

It will take a while to get us out.
#copied

...... waiting for the first striker to attack.

On point OP.

You people and your low-intellect arguments. HSBC and UBS operate in every developed country and newly industrialising country. Whether it's Japan, South Korea, Indonesia, Brazil, e.t.c. Do you seriously think that Nigeria is so honest and uncorrupted that these banks can't function here?

You guys seriously think HSBC and UBS need to set up physical infrastructure in Nigeria to help loot money from Nigeria? They can easily do this electronically. What you are seeing is an erosion of investor confidence in Nigeria and the exit of these banks exemplifies this. Don't try and portray bad news as a victory for Nigeria.

If you want to address looting in Nigeria in relation to forex flows, you need to ask yourself why the government maintains multiple exchange rates. A highly connected person can get $1m with N305m at the official rate and sell it at N360m at the market rate. Theft is occurring right in front of us and you guys are rejoicing at news that international investors are leaving Nigeria.

4Play:
You people and your low-intellect arguments. HSBC and UBS operate in every developed country and newly industrialising country. Whether it's Japan, South Korea, Indonesia, Brazil, e.t.c. Do you seriously think that Nigeria is so honest and uncorrupted that these banks can't function here?

You guys seriously think HSBC and UBS need to set up physical infrastructure in Nigeria to help loot money from Nigeria? They can easily do this electronically. What you are seeing is an erosion of investor confidence in Nigeria and the exit of these banks exemplifies this. Don't try and portray bad news as a victory for Nigeria.

If you want to address looting in Nigeria in relation to forex flows, you need to ask yourself why the government maintains multiple exchange rates. A highly connected person can get $1m with N305m at the official rate and sell it at N360m at the market rate. Theft is occurring right in front of us and you guys are rejoicing at news that international investors are leaving Nigeria.

yen yen yen yen
was buhari the reason why they re closing down their branches in uk, usa,e.t.c after usa indict them with $10b money laundering fraud

in one paragraph explain what benefit is hsbc to average man in street of kano,lagos ,portharcourt ,enugu, jalingo, and jos

You're on point

Very true. Even before this, I knew their services were almost unnecessary and weren't running regular banking services. These are the banks where corrupt NNPC bigwigs and other officials of cash-cows agencies, APC and PDP chieftains, governors, etc, use to launder their thefts to the US, UK and UAE.

Zombieism is a terrible disease

4Play:
You people and your low-intellect arguments. HSBC and UBS operate in every developed country and newly industrialising country. Whether it's Japan, South Korea, Indonesia, Brazil, e.t.c. Do you seriously think that Nigeria is so honest and uncorrupted that these banks can't function here?

You guys seriously think HSBC and UBS need to set up physical infrastructure in Nigeria to help loot money from Nigeria? They can easily do this electronically. What you are seeing is an erosion of investor confidence in Nigeria and the exit of these banks exemplifies this. Don't try and portray bad news as a victory for Nigeria.

If you want to address looting in Nigeria in relation to forex flows, you need to ask yourself why the government maintains multiple exchange rates. A highly connected person can get $1m with N305m at the official rate and sell it at N360m at the market rate. Theft is occurring right in front of us and you guys are rejoicing at news that international investors are leaving Nigeria.

well,many of them said it is a good news,some will quote you why they are not needed.

4Play:
You people and your low-intellect arguments. HSBC and UBS operate in every developed country and newly industrialising country. Whether it's Japan, South Korea, Indonesia, Brazil, e.t.c. Do you seriously think that Nigeria is so honest and uncorrupted that these banks can't function here?

You guys seriously think HSBC and UBS need to set up physical infrastructure in Nigeria to help loot money from Nigeria? They can easily do this electronically. What you are seeing is an erosion of investor confidence in Nigeria and the exit of these banks exemplifies this. Don't try and portray bad news as a victory for Nigeria.

If you want to address looting in Nigeria in relation to forex flows, you need to ask yourself why the government maintains multiple exchange rates. A highly connected person can get $1m with N305m at the official rate and sell it at N360m at the market rate. Theft is occurring right in front of us and you guys are rejoicing at news that international investors are leaving Nigeria.

Ignore Illiterates. In Africa, everything is versus.

the biggest problem I have with you buharists is that you think the rest of us don't read facts

HSBC was in Nigeria for corporate banking.

they helped big Nigerian institutions like our blue chip banks raise foreign funding.

they are leaving because Nigerian companies dont have the clout to raise bonds in Billions of dollars

keep believing lies, we are leaving the country for una.

stay and suffer

Daviddson:
Very true. Even before this, I knew their services were almost unnecessary and weren't running regular banking services. These are the banks where corrupt NNPC bigwigs and other officials of cash-cows agencies, APC and PDP chieftains, governors, etc, use to launder their thefts to the US, UK and UAE.

What is regular banking, bushman? Whatever you call regular, I guess retail, is the lowest form of banking.