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Xenophobia: Nigeria warns South Africa tensions could hit MTN – Technology Times

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The Federal Government has signalled that rising xenophobic tensions in South Africa could have implications for the operating environment of major South African businesses operating in Nigeria, particularly telecoms giant MTN Nigeria, and other firms with significant investments in the country.

The warning comes as anti-immigration groups in South Africa intensify campaigns against foreign nationals ahead of a June 30 deadline issued by some activist groups demanding that undocumented migrants leave the country.

In Nigeria, South African-linked companies maintain a strong presence across banking, broadcasting, hospitality and financial services. These include MTN Nigeria, the nation’s largest mobile network operator with over 95 million phone subscribers, Stanbic IBTC, majority-owned by South Africa’s Standard Bank Group, MultiChoice, operator of the DStv platform, and hotel brands such as Protea.

Speaking during an interview with TVC News on anti-migrant protests in South Africa, Bianca Odumegwu-Ojukwu, Minister of Foreign Affairs, expressed concern over the treatment of Nigerians in the country and suggested that lawmakers could consider measures aimed at making South Africa “feel the pinch” if the attacks and harassment of Nigerians continue.

nigeria-warns-south-africa-tensions-may-hit-mtnnigeria-warns-south-africa-tensions-may-hit-mtn
Odumegwu-Ojukwu, Nigeria’s Minister of Foreign Affairs, is seen in the photo. The Federal Government has signalled that rising xenophobic tensions in South Africa could have implications for the operating environment of major South African businesses operating in Nigeria, particularly telecoms giant MTN Nigeria, and other firms with significant investments in the country. Image credit: Ministry of Foreign Affairs.

 

“Nobody is asking them to provide proof of identity, nobody is asking South African staff that go to work here whether they are South Africans or Nigerians and nobody is taking over their shops or their businesses. But this is happening to Nigerians in South Africa,” she said.

South Africa’s xenophobia: Lawmakers to decide fate of MTN Nigeria, minister says  

Responding to concerns about firms such as MTN and other South African companies operating in Nigeria, Odumegwu-Ojukwu stressed that Nigerians have generally allowed South African businesses to operate freely despite recurring tensions.

“Nobody is asking them to provide proof of identity, nobody is asking South African staff that go to work here whether they are South Africans or Nigerians and nobody is taking over their shops or their businesses. But this is happening to Nigerians in South Africa,” she said.

Odumegwu-Ojukwu revealed that discussions with South African authorities had not provided the assurances Nigeria was seeking. According to the minister, South African authorities cited difficulties in protecting migrants because foreign nationals are dispersed across local communities rather than concentrated in designated areas.

“I must say the conversation was not particularly encouraging,” she said, referring to engagements with her South African counterpart.

The minister also accused South Africa of failing to fully implement a previously agreed memorandum designed to provide early warning mechanisms during periods of tension.

“We signed this memorandum. Once they got back to South Africa, they decided that they weren’t going to adhere to it,” she said.

Although South African President Cyril Ramaphosa has publicly condemned vigilantism and insisted that ordinary citizens have no authority to demand identity documents from migrants, Odumegwu-Ojukwu said stronger action is still needed to curb harassment and attacks. Drawing a comparison with a previous diplomatic intervention in Ghana, she said Nigerian authorities had not seen the same level of urgency from South Africa.

While the minister stopped short of endorsing direct action against South African firms, she acknowledged growing calls for a review of Nigeria’s response.

“Those options are not on the table for me. The options are on the table for our legislators. They themselves will come up with what steps that need to be taken to make South Africa feel the pinch,” she said.

The minister argued that continued attacks were already harming South Africa’s international image, adding that the country has been “stained with the stigma of a xenophobic country.”

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‘My Mother Wanted Me Married, Not Playing Football’ — U-17 Captain Harmony Chidi

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Nigeria U-17 captain Harmony Chidi has shared the personal challenges she faced while pursuing her football career, revealing that her mother initially opposed her decision to play the sport and wanted her to get married instead.

Speaking about her early journey in football, Chidi explained that her grandmother was the only person who encouraged her to keep pursuing her dream despite the lack of support at home, Sports247 gathered.

“When I started football, my mama didn’t allow me play. She didn’t want me playing football; she wanted me to get married. Only my grandma encouraged me, and now my grandma is no more. It’s just me and my mum now,” Chidi said.

Her revelation highlights the personal obstacles she had to overcome in order to pursue a career in football, with her grandmother playing a significant role in encouraging her ambition.

Despite the challenges, the young Nigerian captain remains determined to make her mark in the game and has set herself an ambitious target.

Chidi declared that she hopes to surpass the achievements of Super Falcons legend and former African Footballer of the Year, Asisat Oshoala.

“My dream is to be greater than Asisat Oshoala,” she said.

Her ambition reflects the confidence and determination she carries as she continues her development in the game. Oshoala’s achievements have made her a reference point for aspiring Nigerian female footballers, and Chidi now hopes to carve out a legacy of her own.

For the U-17 captain, the journey is about more than playing football; it is also about pursuing a dream that was not initially supported by those closest to her.

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Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

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Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

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