Senator Adams Oshiomhole has called for the nationalization of South African owned assets in Nigeria, including telecommunications giant, MTN.
Speaking on Tuesday during an interview, the former labor leader argued that the federal government must prioritize the lives and dignity of Nigerians over foreign direct investment in subsequent xenophobic attacks in South Africa.
Oshiomhole proposed a radical economic restructuring that would see the Nigerian government seize South African stakes in local firms before “re-privatizing” them to domestic investors. He contended that such a move would ensure that profits remain within the country. “We don’t want investors who invest at the expense of human blood,” Oshiomhole stated.
The Senator dismissed concerns that nationalization would scare global capital, questioning the value of wealth in an environment where Nigerian lives are treated as scalable. He claimed that previous diplomatic engagements have failed to stop the violence, noting that a cycle of impunity has emboldened aggressors. According to Oshiomhole, South African authorities only take the issue seriously when Nigeria applies significant economic pressure.
Expanding his argument, Oshiomhole suggested that other South African linked financial institutions and businesses should face similar scrutiny.
While President Cyril Ramaphosa has previously condemned the attacks on foreign nationals, Oshiomhole maintained that these condemnations are often reactive rather than proactive. He concluded that Nigeria must redefine its “legal and economic status” with South African interests to ensure that the “foreign dollar” is never valued more highly than the life of a Nigerian citizen.
