HSBC and UBS leave Nigeria after MTN fiasco
Lagos — HSBC and UBS have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The central bank said foreign direct investment in Nigeria fell to 379.84bn naira ($1.2 bn) in the first half of the year from 532.63bn naira ($1.7bn) last year. It did not given reasons for the bank closures. HSBC was not available to comment and UBS declined to comment. The central bank said the outlook for the Nigerian economy in the second half was "optimistic" given higher oil prices and production, but rising foreign debt and uncertainty surrounding the 2019 presidential election was a drawback. Investor confidence in the West African country has been shaken since the central bank in August ordered MTN to bring back $8.1bn to the country, part of profits which the SA telecoms firm sent abroad.
An HSBC research note dated July 18 said a second Buhari term "raises the risk of limited economic ...