Xenophobia: Nigeria’s Ruling Party Threatens To Take Over MTN Nigeria

The ongoing xenophobia attacks by South Africans on foreigners is inspiring ugly ambitions to Nigeria’s Ruling Party. According to a report by Bloomberg, Nigeria’s ruling party, All Progressives Congress party is contemplating to take over MTN Nigeria and other South African firms based in Nigeria. All Progressives Congress party chairman, Adams Oshiomhole said:

Whereas South Africans continue to benefit from the Nigerian business environment and repatriating billions of dollars, the South African authorities appear jealous of the menial jobs which some Nigerians and other black people are involved in.

It is worth it for the Nigerian government to take steps to take over the remaining shares of MTN that are owned by South Africans.

Last week, MTN Nigeria was forced to close down its outlets following threats of attacks by Nigerians in retaliation. Despite closing its outlets, MTN Nigeria’s shares, ironically, hit a three month high on Nigeria’s stock exchange on Friday.

It remains to be seen whether Nigeria’s ruling party will attempt to take over MTN Nigeria if xenophobia keeps happening (which is unlikely) or its just empty rhetoric.