A recent proposal by former Edo State Governor and Senator, Adams Oshiomhole, urging the Federal Government to nationalise MTN Nigeria and revoke its operating licence as retaliation for the ongoing unrest and attacks on Nigerians in South Africa has stirred significant controversy within policy and economic circles.
Speaking during a Senate session, Oshiomhole argued that MTN, a subsidiary of South Africa’s MTN Group, repatriates substantial profits from Nigeria and should be taken over by a local firm to employ Nigeria returnees from South Africa. However, economic analysts and legal experts have widely criticised the proposition as impractical and potentially damaging.
Contrary to the senator’s claim, MTN Nigeria is not wholly foreign-owned. A considerable portion of its shares is held by Nigerian investors, including pension funds and retail stakeholders listed on the Nigerian Exchange. Analysts warn that any move to nationalise the telecom giant would directly erode the investments of millions of Nigerians.
Furthermore, financial data indicates that MTN remains a major contributor to government revenue. In 2025 alone, the company reportedly remitted over ₦878.7 billion in taxes, levies, and duties, making it one of the largest taxpayers in the country. Experts argue that portraying the firm solely as an extractor of wealth ignores its critical role in supporting Nigeria’s fiscal framework.
Beyond the economic implications, legal concerns loom large. Arbitrary nationalisation without due process could violate Nigeria’s obligations under bilateral investment treaties, exposing the country to costly international arbitration.
Observers point to the fallout from the P&ID arbitration case as a cautionary example of how such disputes can lead to massive financial liabilities and reputational damage.
Diplomatically, the move could strain relations between Nigeria and South Africa, potentially discouraging foreign direct investment at a time when the country is seeking to attract capital inflows. Analysts note that investor confidence hinges on regulatory stability and respect for property rights.
Additionally, the notion that a local company could seamlessly assume MTN’s operations has been described as unrealistic. Telecommunications infrastructure, ranging from spectrum licences to nationwide tower networks, requires technical expertise, regulatory compliance and years of institutional knowledge that cannot be transferred through legislative fiat.
In sum, while the call for greater local participation in key sectors resonates with economic nationalism, stakeholders insist that nationalisation is neither a viable nor prudent path.
Instead, they advocate policies that strengthen regulation, encourage indigenous participation and sustain investor confidence without undermining Nigeria’s economic and diplomatic standing.
