No foreign investment is worth blood of Nigerians – Oshiomhole

Ebun Emmanuel – May 12,2026

Senator representing Edo North, Adams Oshiomhole, on Tuesday defended his call for the nationalisation of MTN and other South African companies operating in Nigeria, insisting that Nigerian lives must take precedence over foreign investment amid renewed xenophobic attacks in South Africa.

Oshiomhole made the remarks on Tuesday during an interview on Arise News.

One of the anchors, Rufai Oseni, had argued that the senator’s call is in conflict with Nigeria’s drive for Direct Foreign Investment. He added that the senator’s call could send wrong signal to would-be investors.

But Oshiomhole insisted that Nigeria should take stronger economic action against South African interests in response to repeated attacks on Nigerians abroad.

“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 added that, in his view, Nigeria should consider restructuring ownership of affected firms to ensure local control.

“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. There will be no South African share in it.”

The senator also referenced other foreign financial institutions operating in the country, insisting that similar action could apply to them. Oshiomhole linked his position to what he described as persistent attacks on Nigerians in South Africa, arguing that economic pressure was necessary to force accountability.

He also claimed that South African President Cyril Ramaphosa later publicly condemned the attacks on Nigerians and other foreigners after he urged the President to take away South African interests in Nigeria businesses, especially MTN,

He claimed Ramaphosa is one of the biggest South African investor in MTN.