Tinubu Hits Back! South African Business Faces Closure in Nigeria

[00:00:00]Mr. President just officially scattered the business of one South African company with a make over 3 trillion naira every single year from the pocket of Nigerians. Let me explain to you what's been happening. The company name is Obtasia and for over 12 years this company controls the entire borrowing of data and airtime business inside Nigeria. Every time you borrow data or airtime from MTN, Airtel, Glo or any network in Nigeria, this company be the system with the runner for background and then they collect their share from every single amount of money which the Nigerians borrow. That is how this one company they collect over 3 trillion naira every single year from the pocket >> President Bola Tinubu has reportedly moved to end a 12 years dominance of a South African company in Nigeria's airtime and data borrowing business.

[00:00:46]And here's what happened. According to reports, President Bola Tinubu has directed the FCCPC to take steps that will open up Nigeria's airtime credit and data advancement market to more companies.

[00:01:02]For over 12 years >> The Nigerian government just wielded a big hammer on a South African company, Obtasia. Obtasia is a digital fintech company that provides credit facilities to digital customers of telecos companies in Nigeria.

[00:01:22]They lend customer teleco customers digital allowances whenever they runs out of data.

[00:01:30]>> Hi everyone. How are you guys doing today? So in this video let's talk about President Tinubu. President Tinubu has done something Nigerians are so proud of right now. Do you know Tinubu President Tinubu has dismantled South African firm monopoly in Nigeria? Of course.

[00:01:48]So there was this South African company in Nigeria that is there to assist Nigerians especially when they want to borrow money. They can borrow credit, so on. Guys, do you know Tinubu has given license to sign Nigeria company to How do I say? To to compete against this company, and this company is closed down. This company is shut down. When I talk about this company, it's a South African company worth 2.something billion. This is what this company gain from Nigeria every month, 2.2 billion every year from Nigeria. And South Africans will be in their country, they'll be saying, "Oh, let Nigerians go." With South Africa for South Africans. But you forgot that your people your your your businesses are all over Africa. Now Africans have started shutting down South African businesses.

[00:02:39]What business Tinubu did at this time? I love it. President Tinubu is someone that doesn't talk, but he's the man of action. Who would have imagined? 10 Nigeria company have now competing with this South African company, and the company has been shut down in Nigeria.

[00:02:53]Nigeria for Nigerians. South Africa for South Africa. At the end of it, who are Who is crying right now? Is it not South Africans? South Africans, you people don't even know what is happening. You think your president just wake up all of a sudden and start saying begging Ghanaians to to talk to other African countries to start Why doesn't he do it himself? Because he knows he's guilty.

[00:03:13]You people are frustrated. You people want to ruin the economy of South Africa. You people are doing it so well.

[00:03:17]We love it.

[00:03:18]Anyway guys, if you're new on this channel, you haven't subscribed, and this is your first time watching my videos, uh What's stopping you from subscribing? Please take a look at watching this video.

[00:03:26]>> where they can actually pay back in a particular time whenever they top up their phones.

[00:03:33]Otesat has been running these services in Nigeria for the past 12 years. They have been the sole company providing this service in Nigeria.

[00:03:43]They generate an average of 2.2 billion US dollars revenue from Nigeria every year.

[00:03:50]They which is equivalent to about 3 trillion naira. That is what they get from the Nigerian economy. And they have been doing this for the past 12 years.

[00:04:00]And the Nigerian government is having none of it. As a result of this ongoing Afrophobic violence and the disrespect on Nigerians by South African citizens and the reluctance and the nonchalant attitude of the South African government to deal with the situation. That is why you are seeing the South African government coming up yesterday to make a statement. Because the Nigerian government is now biting them hard, trying to bite the South African economy. And those who own the South African economy understood the consequences of losing such a significant amount of revenue.

[00:04:37]2.2 billion US dollars is gone.

[00:04:40]The Nigerian government just set up nine Nigerian companies that will take over the these services in Nigeria. They are saying it is a monopoly. How can a foreign company operate in Nigeria taking out 2.2 billion dollars every year out of the Nigerian economy for the past 12 years and no Nigerian company has been able to provide such services. That such monopoly is no longer acceptable. You need to ask yourself questions. Do you think the Nigerian government was not aware that this company has been providing these services for the last 12 years? They are aware. Because they were with good terms with the South African government.

[00:05:17]Now that the South African citizens have disrespected the Nigerian state and the Nigerian citizens, the Nigerian government is biting at. Remember a Nigerian senator made a statement couple of weeks ago saying that they would bite the South African economy and the South African government will come begging.

[00:05:34]This is one of the major. The Senate took a resolution to investigate several of South African companies and see how the Nigerian government would hit them hard. That the South African government would come to Abuja to plead for leniency.

[00:05:49]This is the first South African company, Optasia, to being beaten so hard that I don't know how they're going to recover from it. 2.2 billion US dollars is gone. And Optasia is not just going away easy. They have taken the Nigerian government to court for uh trying to take them out of business.

[00:06:12]So, South Africans, your actions in your country, your continuous disrespect to Nigerians and the Nigerian state, this is one of the consequences of your actions.

[00:06:25]Those who owns your economy have put pressure on your government to begin to make critical decisions in order to ensure that they do not lose the bilateral relationship they have with several African countries.

[00:06:39]That is why your president is running to the national television to make a statement.

[00:06:44]You know, 2.2 billion US dollars that is supposed to go to the South African economy has been obliterated by the Nigerian government. Optasia is one of the first, and it's not going to be the last. MTN, for example, rakes in close to 750 million US dollars on a yearly basis from Nigeria, and that money is sent back to South Africa.

[00:07:08]Just wait for the consequences. You see, Nigeria is the only country on the continent of Africa that has the enormous power to bite South African government and its economy where it pains them. So, Nigeria has begun to bite. Nigerian government have not been very loud, has not been very, very vociferous uh when it comes to the actions of the South African people and and the national attitude of the South African people to rain on his own citizens. Nigerian government is beginning to bite, and Optasia is the first company from South Africa to bear the consequences of the actions of his in uneducated citizens who have been gallivanting all over the country terrorizing Africans and Nigerian citizens. Optasia has lost a significant money.

[00:07:57]$2.2 billion is not a joke for a company to lose from its uh uh revenue globally. Thank you.

[00:08:08]>> of Nigerians >> without even >> any Nigerian staff without having his office in Nigeria.

[00:08:12]>> money just they leave Nigeria enter South Africa go meet them for hand.

[00:08:15]>> So, the government go finally ask one very important question. Why this one foreign company go control the entire market inside Nigeria?

[00:08:23]>> E no good. E no just good.

[00:08:25]>> Na him make this week Mr. President come finally approve nine Nigerian companies to enter that same business.

[00:08:29]>> So, that no go just be the hand of one company and the 3 trillion naira wey dey leave Nigeria every single year go finally stay inside Nigeria.

[00:08:34]>> Also, the jobs, too, where that company supposed create inside Nigeria >> where they no dey create inside Nigeria because no dey inside Nigeria. As Nigerian companies don't come inside this business, >> those jobs go dey inside Nigeria. But, just like any reasonable company, >> Optasia no go gree go down quietly.

[00:08:47]>> They run go run carry the matter go court. But, whether their case go get head, me I no know.

[00:08:51]I just need to carry this one come meet you here because very soon go ruin of data and airtime it go return back to normal. So, if you find this one insightful, kindly like, comment, and share to your friend.

[00:09:00]>> is a South African tech company called Optasia has reportedly controlled a large part of this business, especially on the MTN network.

[00:09:13]The FCCPC says this has limited competitions and allowed good amount of money to leave Nigeria every year.

[00:09:22]The agency believe that allowing more companies into the market would create jobs, help Nigerian fintech businesses grow, encourage innovation, and keep more money into the country.

[00:09:35]Reports also claim that the company tried to stop the changes through court actions and other efforts, but the presidency has reportedly decided to support more competitive markets.

[00:09:47]If these plans succeed, experts say it could unlock a market worth about 3 trillion naira every year.

[00:09:58]What do you think?

[00:10:00]>> So guys, you've listened to everything, you've listened to what Nigerians have to say. Everyone is celebrating it because it's too much.

[00:10:08]They keep talking anyhow to South to Nigerians. Oh, Nigerians are this, Nigerians are that. People don't respect Nigerians at all just because you feel like their government cannot take action against you. You think their government doesn't know what to do? Of course, President Tinubu, next time we have to nationalize the MTN and every South African business in the country needs to be nationalized by the time you guys hit the economy of South Africa. South Africa will understand why they call Nigeria the giant of Africa. You say what? Let me hear you. Let me hear you, Abba Hambe. You say what again? Let me hear you, South Africa for South Africans. See you guys. Don't forget to subscribe again.