…MTN, Stanbic IBTC, Protea Hotels, Others Among Businesses Facing Potential Fallout
South African companies with identifiable business interests worth about N20.43tn in Nigeria face uncertainty as pressure mounts on the Federal Government to retaliate over renewed xenophobic attacks against Nigerians in South Africa.
Calls for economic measures have intensified following reports of killings, attacks, looting of businesses and the displacement of Nigerians in South Africa. While the Federal Government has so far relied on diplomatic engagement, lawmakers and student groups have urged stronger action, including sanctioning South African businesses operating in Nigeria.
Checks by THE WHISTLER show that South Africa’s commercial interests in Nigeria span telecommunications, banking, insurance, retail, hospitality, logistics, aviation, manufacturing and commercial real estate.
The estimate is based on publicly available market capitalisation figures, asset valuations and property portfolio estimates for major South African-linked businesses operating in Nigeria.
Apart from familiar brands such as MTN Nigeria and Stanbic IBTC Holdings, South African-linked businesses confirm the depth of commercial ties between Africa’s two largest economies.
The diplomatic dispute comes after attacks against foreign nationals in parts of South Africa, including incidents in Johannesburg, Pretoria and Durban.
At least five Nigerians have been killed in South Africa since the latest wave of xenophobic attacks began this year. They include Amaramiro Emmanuel and Ekpenyong Andrew who were killed in separate incidents on April 19 and April 20, 2026.
The Nigerian Government had summoned South Africa’s envoy, established crisis response mechanisms through Nigerian missions in South Africa and eventually evacuated 1,490 Nigerians from the country in five phases.
Retaliation Calls
Foreign Affairs Minister, Ambassador Bianca Odumegwu-Ojukwu, repeatedly stated that Nigeria could not remain indifferent while Nigerians were subjected to harassment, intimidation and attacks.
She questioned why South African businesses continued operating freely in Nigeria while Nigerians in South Africa faced recurring hostility.
Senator Adams Oshiomhole argued on the Senate floor that if compensation was denied to Nigerian victims of xenophobic attacks, the Federal Government should consider appropriating profits made by South African companies operating in Nigeria to support affected citizens.
The proposal has not become government policy.
The National Association of Nigerian Students also threatened protests against major South African-linked businesses, including MTN and MultiChoice, arguing that economic interests should not remain insulated from persistent attacks on Nigerians abroad.
Meanwhile, diplomatic relations were 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, directing instead that discussions be held with the Minister of State for Foreign Affairs.
The developments have fuelled debate over whether Nigeria should respond with economic measures or continue relying on diplomatic engagement.
South Africa’s Business Interests
South African investments in Nigeria extend beyond the companies most Nigerians recognise. Telecommunications, financial services, consumer retail, property management, hospitality, manufacturing and aviation have all attracted South African-linked businesses over the years.
Only two companies with direct South African parentage are listed on the Nigerian Exchange: MTN Nigeria Communications Plc and Stanbic IBTC Holdings Plc. Both rank among the biggest players in Nigeria’s telecommunications and financial services sectors.
Other companies identified include 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 Eskom’s Nigerian business interests.
Some companies still described as “South African companies” have undergone ownership changes over the past decade. Some companies that entered Nigeria under South African ownership have since been acquired by multinational groups headquartered elsewhere.
Value Of Assets
Using publicly available company disclosures, Nigerian Exchange filings, annual reports, investor documents and a preliminary company register compiled from South African business sources, THE WHISTLER mapped the largest identifiable South African-linked businesses operating in Nigeria.
The findings show that the investments are concentrated in telecommunications, banking, insurance, retail, hospitality, logistics, aviation and commercial real estate sectors.
They are valued at about N20.43tn based on market capitalisation, asset values and property estimates.
MTN Nigeria recorded a market capitalisation of approximately N17.27tn, while Stanbic IBTC Holdings stood at about N2.59tn. Rand Merchant Bank Nigeria reported approximately N450bn in assets, while assets linked to Protea Hotels in Nigeria were estimated at more than N120bn.
Other South African-linked businesses, including retailers, logistics firms, manufacturers and airlines, were identified but were not assigned values where reliable public data was unavailable.
(The Whistler)