Lagos/London — Nigeria accused HSBC Holdings of money laundering after an analyst working for the lender said that a second term for President Muhammadu Buhari may stall economic recovery in Africa’s biggest oil producer. "What killed Nigeria’s economy in the past was the unbridled looting of state resources by leaders, the type which was actively supported by HSBC," presidential spokesperson Garba Shehu said late on Saturday. A bank that "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 criticise Buhari, he said. Nigerian investigations revealed that HSBC had laundered more than $100m for the late dictator Sani Abacha in Jersey, Paris, London and Geneva, Shehu said. HSBC declined to comment. Nigeria’s allegations against the London-based lender come after it published a research note saying that a win for Buhari in February’s elections "raises the risk of limited economic progress and further ...

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