Oshiomhole urges seizure of South African profits
Analysis based on 8 articles · First reported Jul 07, 2026 · Last updated Jul 07, 2026
The proposal to seize profits of South African firms like MTN and Standard Bank — Stanbic IBTC Holdings could deter investment and strain bilateral economic ties. However, the Senate's rejection of the measure may limit immediate market disruption.
Nigerian Senator Adams Oshiomhole called on the Federal Government to seize profits of South African companies operating in Nigeria, including banks like Standard Bank — Stanbic IBTC Holdings and telecom firm MTN Group, to compensate Nigerians affected by xenophobic attacks in South Africa. This followed South African Minister Khumbudzo Ntshavheni's rejection of compensation for victims, arguing only legally registered properties qualify. The Nigeria — Senate of Nigeria declined to adopt the seizure recommendation but resolved to intensify diplomatic efforts and seek written assurances for Nigerians' safety. Deputy Senate President Barau Jibrin urged caution pending a committee investigation. The dispute highlights tensions between Africa's largest economies over treatment of Nigerian nationals in South Africa.
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