Embassy- Oseni MOMODU
Under the current legal framework and the inherent powers vested on it by the Constitution of the Federal Republic of Nigeria 1999 (as altered), Nigeria legally has sovereign powers to revoke, acquire or nationalize assets within its territory.
With particular reference to MTN Nigeria whose parent company reside in South Africa amidst killings of Nigerian nationals in the country without swift official reprimands, Senator Adams Oshiomhole is right and is suggestions, urging the Federal government to nationalize the country’s most valued interest justified by law.
The legal basis which permits the federal government to register and regulate corporate bodies also permits it to expropriate or nationalize any holding, company when it is materially necessary. What matters is the interest for which such action is resorted.
Rufai Oseni of the Arise TV seems to value “MTN’s shareholders” against inhuman treatments of Nigerians in South Africa. He made this submission today on Arise TV’s “The Morning Show”. Senator Adams Oshiomhole appeared as guest when Rufai boldly remarked that Shares in MTN are more worth in value than the lives of innocent Nigerians killed by South African natives, alleging their jobs are taken by our brethren in their shores.
It is the responsibility of Nigeria to protect live of its citizens against maltreatment. Such commitment include nationalization of the aggressor nation’s assets.
The world no longer governed by might but by the rule of law and treaties. During the program on Arise, Oshiomhole had stated that Cyril Ramaphosa, President of South African didn’t deem it necessary to openly condem the atrocious act by his aborigine until he voices his concern over the heinous act. Nigerians home and abroad should commend the Senator for such bold stance in a society where many fear the unknown. “I don’t fear any man, l only fear my creator”.-Oshiomhole.
Although, Section 44 of the Constitution protect property rights of citizens. The Nigerian Investment Promotion Commission (NIPC) Act also protect foreign investments from arbitrary nationalization.
However, if “national interest” is or is being threatened, the country can invoke its overriding constitutional powers by revoking operational licence and compulsory acquisition of MTN or any such organization provided it is for a genuine public purpose or national interest; follow due legal process; provide prompt and adequate compensation to shareholders.
Rufai Oseni is need to level up his journalism with professionalism. Senator Adams Oshiomhole’s assertions are outrightly justified.
Historically, Nigeria adopted indigenization policies in the 1970s. The purpose was to increase indigenous ownership and participation of foreign businesses. With policy shift towards privatization since the 1990s and early year 2000, protection of foreign investments and encouraging multinational participation in diverse areas of the nation’s economy have become the practice.