Adams Oshiomhole has called for the nationalisation of MTN Group and other South African-owned businesses operating in Nigeria, citing renewed xenophobic attacks on Nigerians in South Africa.
The senator, who represents Edo North, made the remarks during an interview on Arise News on Tuesday, arguing that Nigeria should take stronger economic action in response to repeated violence against its citizens abroad.
Oshiomhole said any response should prioritise human life over foreign investment, insisting that Nigeria must reconsider its economic relationship with affected companies.
“I am aware that MTN is quoted, and therefore Nigerian shareholders can hold on, but we take away the South African rights,” he said.
He further suggested restructuring ownership of such firms through nationalisation followed by reprivatisation to ensure Nigerian control of profits generated locally.
“And because of the issue, I’m not sure of the legal status, that’s why I say you nationalise, and then you reprivatise it so that Nigerians can take it over, and the profit they are taking out of Nigeria will be retained here,” he added.
Oshiomhole also referenced other foreign-owned financial institutions operating in Nigeria, arguing that similar measures could apply depending on the severity of the situation.
He linked his position to ongoing reports of attacks on Nigerians in parts of South Africa, including recent unrest in cities such as Durban and Cape Town.
The senator claimed that stronger diplomatic and economic pressure from Nigeria had previously influenced responses from South African authorities, although he did not provide evidence for the assertion.
He also criticised what he described as repeated failures to prosecute perpetrators of violence against Nigerians abroad.
“When a country, for the first time, kills Nigerians, they got away with it… second time… third time, they got away with it,” he said.
Oshiomhole questioned the balance between protecting foreign investment and safeguarding citizens’ lives.
“If you are a slave of wealth, if you are a slave of a foreign investor… what is money to the dead?” he asked.
He further argued that Nigeria should not continue to suffer losses while its citizens remain vulnerable abroad.
South African President Cyril Ramaphosa has condemned recent violence, describing it as acts carried out by opportunists exploiting socio-economic grievances under the guise of community activism.
In Nigeria, the Nigerians in Diaspora Commission (NiDCOM) has urged citizens in South Africa to remain vigilant while confirming ongoing diplomatic engagement with local authorities to ensure their safety.
The controversy adds to ongoing tensions between both countries, particularly over the treatment of Nigerians in South Africa and the broader question of how Nigeria should respond diplomatically and economically.
