South African companies with investments estimated at about N20.43 trillion in Nigeria could face economic retaliation as anger grows over renewed xenophobic attacks targeting Nigerians in South Africa.
The growing calls for sanctions and other economic measures followed reports of Nigerians being killed, assaulted, displaced and having their businesses looted in different parts of South Africa.
Although the Federal Government has so far focused on diplomatic engagement, pressure is mounting from lawmakers, student organisations and other groups for Nigeria to take tougher measures against South African businesses operating in the country.
South African-linked companies have significant interests across Nigeria’s telecommunications, banking, insurance, retail, hospitality, aviation, logistics, manufacturing and commercial property sectors.
An assessment based on publicly available market capitalisation figures, company asset valuations and property estimates puts the identifiable value of major South African-linked investments in Nigeria at approximately N20.43 trillion.
Among the most prominent companies are MTN Nigeria Communications Plc and Stanbic IBTC Holdings Plc, both of which are listed on the Nigerian Exchange and rank among major players in their respective sectors.
The latest diplomatic tensions followed reports of attacks against foreign nationals in cities including Johannesburg, Pretoria and Durban.
At least five Nigerians have reportedly been killed in South Africa since the latest wave of xenophobic attacks began in 2026. Among the victims were Amaramiro Emmanuel and Ekpenyong Andrew, who were killed in separate incidents on April 19 and April 20.
In response to the situation, the Nigerian Government summoned South Africa’s envoy, activated crisis-response measures through its diplomatic missions and evacuated 1,490 Nigerians from South Africa in five phases.
Pressure For Retaliation
Foreign Affairs Minister Bianca Odumegwu-Ojukwu has repeatedly expressed concern over the treatment of Nigerians in South Africa, stressing that Nigeria could not ignore reports of harassment, intimidation and attacks against its citizens.
The minister also questioned the continued operation of South African businesses in Nigeria amid recurring attacks against Nigerians in South Africa.
On the floor of the Senate, Senator Adams Oshiomhole proposed that Nigeria should consider using profits generated by South African companies operating in the country to compensate Nigerian victims if South Africa failed to provide compensation.
However, the proposal has not been adopted as government policy.
The National Association of Nigerian Students (NANS) has also threatened protests against major South African-linked businesses, including MTN and MultiChoice, arguing that South Africa’s economic interests in Nigeria should not be protected from consequences while Nigerians continue to face attacks abroad.
Diplomatic relations between both countries were further strained after President Bola Tinubu declined to receive a visiting South African delegation led by the country’s Minister of International Relations and Cooperation, Ronald Lamola.
The delegation was instead directed to hold discussions with Nigeria’s Minister of State for Foreign Affairs.
The developments have intensified debate over whether Nigeria should introduce economic sanctions against South African interests or continue to pursue diplomatic solutions.
Major South African Interests In Nigeria
South African investments in Nigeria go beyond telecommunications and banking, with companies linked to the country maintaining interests in several sectors of the Nigerian economy.
Businesses identified include MTN Nigeria, Stanbic IBTC, Rand Merchant Bank, Sanlam Nigeria, Alexander Forbes, Broll Property Group Nigeria, Metrofile Nigeria, Wings Travel Nigeria, Protea Hotels by Marriott, South African Airways, PEP Stores, Mr Price, Pick n Pay, Nampak Nigeria, Sasol and interests associated with Eskom.
However, some companies traditionally identified as South African businesses have experienced ownership changes in recent years. Some firms that initially entered Nigeria under South African ownership have subsequently been acquired by multinational companies headquartered in other countries.
Only two companies with direct South African parentage—MTN Nigeria Communications Plc and Stanbic IBTC Holdings Plc—are currently listed on the Nigerian Exchange.
Estimated N20.43tn Investment Value
An assessment using company disclosures, Nigerian Exchange filings, annual reports, investor documents and available business records indicates that the largest identifiable South African-linked investments are concentrated in telecommunications, financial services, insurance, retail, hospitality, logistics, aviation and commercial real estate.
The combined identifiable value is estimated at approximately N20.43 trillion, based on market capitalisation, reported asset values and property estimates.
MTN Nigeria accounts for the largest portion, with an estimated market capitalisation of about N17.27 trillion.
Stanbic IBTC Holdings is valued at approximately N2.59 trillion, while Rand Merchant Bank Nigeria has reported assets of about N450 billion.
Assets associated with Protea Hotels in Nigeria have been estimated at more than N120 billion.
Other South African-linked companies operating in Nigeria also have significant commercial interests, although reliable publicly available figures were not available to assign specific monetary values to all of them.
As calls for retaliation continue, the situation places substantial South African commercial interests in Nigeria under increased scrutiny, while the Federal Government faces the delicate task of balancing protection of Nigerians abroad with the economic and diplomatic consequences of any retaliatory action.
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