Oshiomhole Wants Nigeria to Take Over MTN Over Xenophobia

Oshiomhole Wants Nigeria to Take Over MTN Over Xenophobia

Federal lawmaker and former Edo State governor, Adams Oshiomhole, has called for the nationalisation of MTN Nigeria, arguing that Nigeria should take control of the telecommunications giant and end South African influence over the company amid recurring xenophobic attacks on Nigerians in South Africa.

Oshiomhole, who represents Edo North Senatorial District in the Senate, said Nigerian shareholders could retain their investments in MTN, but insisted that South African control of the company should be removed completely.

According to him, the company should be restructured and re-privatised in a way that allows Nigerians to take over ownership and management, while preventing the repatriation of profits to South Africa.

“I’m aware that MTN is quoted on the stock exchange. Nigerian shareholders can hold on to their shares, but we should take away South African control. We should re-privatise it so Nigerians can take it over, and there would be no repatriation of funds to South Africa,” Oshiomhole stated.

The former president of the Nigeria Labour Congress (NLC) made the remarks while reacting to ongoing tensions surrounding xenophobic attacks in South Africa, where Nigerians and other African migrants have repeatedly been targeted over the years.

Oshiomhole accused South African authorities of failing to adequately address unemployment and anti-immigrant sentiments, arguing that economic frustrations in South Africa have increasingly been directed toward foreign Africans.

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He referenced remarks previously made by South African President Cyril Ramaphosa during political campaigns about foreigners allegedly taking jobs from South Africans, suggesting such rhetoric contributed to hostility against African migrants.

“Now South Africa has high unemployment, and some have transferred aggression against other Africans. Life is more important. Nigeria should not look for investors who choose wealth over human life,” he added.

The senator’s comments come amid renewed discussions about the economic relationship between Nigeria and South Africa, especially the role of South African companies operating in key sectors of the Nigerian economy.

MTN Group, headquartered in Johannesburg, remains one of the largest foreign investors in Nigeria and operates the country’s biggest telecommunications network by subscriber base. MTN Nigeria is listed on the Nigerian Exchange and has millions of Nigerian shareholders, including institutional investors and pension funds.

Analysts say any attempt to nationalise or forcefully restructure MTN Nigeria could raise concerns among foreign investors and potentially affect investor confidence in Africa’s largest economy. Others, however, argue that Oshiomhole’s remarks reflect growing frustration over repeated xenophobic incidents involving Nigerians living and doing business in South Africa.

Over the years, xenophobic violence in South Africa has triggered diplomatic tensions across the continent, with Nigeria previously recalling ambassadors, issuing travel advisories, and witnessing protests against South African businesses operating locally.

Several Nigerian-owned businesses and properties have reportedly been attacked during previous outbreaks of anti-foreigner violence in cities such as Johannesburg and Durban.

Despite the tensions, trade and business ties between both countries have continued to expand, with South African firms maintaining major investments across Nigeria’s banking, telecommunications, retail, and entertainment sectors.

Oshiomhole’s latest remarks have already generated mixed reactions online, with some Nigerians supporting calls for stronger economic retaliation, while others warned that targeting foreign-owned companies could negatively affect jobs, market stability, and investor confidence.

Oshiomhole Wants Nigeria to Take Over MTN Over Xenophobia