This paper examines the latest stage of capitalist domination of the Global South by the indigenous elite and its effects on global capitalist expansion. Similar to the classic practice of exploitation by western corporations, the nascent indigenous capitalists, individuals or groups, exploit the market systems of their economies, investing and controlling the most lucrative sectors. Comparison of this phenomenon in Nigeria and South Africa to those of other emerging economies (China, Brazil, India) shows that these economic actors, history and race notwithstanding, are poised to follow in the footsteps of their predecessors from the West or even surpass them.