Onoh to Rubio: Nigeria is sovereign, open for business

By Dennis Agbo

Former South-East spokesman to President Bola Tinubu, Denge Josef Onoh, has faulted recent remarks by US Senator Marco Rubio on Nigeria’s investment climate and regulatory environment, insisting that the country remains open to foreign investment.

Onoh, in a statement made available to journalists in Abuja, said Rubio’s remarks relied on isolated regulatory incidents to create what he described as an inaccurate picture of Nigeria’s business environment.

He argued that foreign investment figures and bilateral trade volumes demonstrated continued international confidence in the Nigerian economy.

“As a sovereign nation, Nigeria will not be defined by mischaracterisations that ignore the robust financial commitments global corporations continue to make in our economy,” Onoh said.

He also disputed the claim that Nigeria’s regulatory framework discouraged international businesses, citing figures which, according to him, showed continued economic engagement between Nigeria and the United States.

Onoh said US foreign direct investment in Nigeria reached $7.9 billion by the end of 2024, representing a 25 per cent year-on-year increase.

He also put bilateral trade between both countries at $14.8 billion in 2025, arguing that the figures reflected continued commercial ties and opportunities for businesses in both countries.

The former presidential spokesman maintained that Nigeria’s investment laws permitted 100 per cent foreign ownership in most major sectors, adding that the country remained open to investors willing to operate within its legal and regulatory framework.

Onoh defends Nigeria’s regulatory enforcement

Onoh also challenged Rubio’s characterisation of Nigeria’s handling of regulatory cases involving cryptocurrency platform executives, insisting that law enforcement should not be equated with arbitrary detention.

He said the legal proceedings in 2024 involved allegations of money laundering and tax evasion, which were handled by the Economic and Financial Crimes Commission (EFCC) and other relevant authorities.

According to him, no sovereign country should permit foreign companies to operate outside its financial compliance and tax obligations.

Onoh said Nigeria had a responsibility to ensure that foreign businesses, regardless of their nationality, complied with domestic laws, particularly those relating to anti-money laundering and taxation.

He further argued that the Federal Government’s decision to withdraw the personal charges against the cryptocurrency executive on humanitarian grounds in October 2024 demonstrated what he described as the country’s institutional flexibility and diplomatic goodwill.

He advises investors on compliance

Onoh urged prospective foreign investors to use established Nigerian institutions to conduct due diligence and navigate regulatory requirements rather than rely solely on political statements about the country’s business environment.

He advised investors to engage the Ministry of Foreign Affairs for guidance on diplomatic protocols, corporate invitations and appropriate business visa arrangements.

He also recommended that investors work with the EFCC through established channels to conduct background checks on prospective local partners and ensure compliance with anti-money laundering and Know Your Customer requirements.

Additionally, he urged prospective investors to utilise the Nigerian Investment Promotion Commission’s One-Stop Investment Centre, which he described as a platform for coordinating interactions with government regulatory agencies and facilitating business establishment.

Onoh maintained that investors operating transparently and complying with Nigerian laws had nothing to fear, adding that the country offered opportunities for international businesses seeking partnerships and expansion.

“Legitimate capital has absolutely nothing to fear in Nigeria,” he said, urging global business executives, including American investors, to conduct proper corporate due diligence and engage relevant institutions.

He insisted that Nigeria’s sovereignty remained non-negotiable and called on Rubio to reconsider his remarks about the country’s investment climate.

Onoh concluded by saying Nigeria remained open for business and suggesting that Rubio should recommend the country for a Nobel Peace Prize.

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