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ICJ Affirms Right to Strike as Global Landmark Victory, Sparks Debate Between Labor and NECA

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BY NKECHI NAECHE-ESEZOBOR—The organized labor movement on Monday hailed a recent ruling by the International Court of Justice (ICJ) confirming that the right to strike is implicit in Convention 87 as a landmark victory for workers worldwide.

However, the ruling has sparked a fresh domestic debate, with labor representatives strongly criticizing the Nigeria Employers’ Consultative Association (NECA) for attempting to downplay the judgment’s impact.

The controversy escalated following a television appearance by the Director-General of NECA, Mr. Adewale Smatt-Oyerinde.

Speaking on TVC, Oyerinde argued that the right to strike is not automatic and asserted that workers must still adhere strictly to existing local labor laws, specifically citing Section 43 of the Trade Dispute Act (TDA).

He also suggested that a meeting of social partners to establish complimentary conditions remains a necessary precondition before any strike action can be declared.

Labor representatives quickly fired back, labeling Oyerinde’s remarks as an “unnecessary academic exercise in futility” and a selective interpretation of international law. Critics accused the NECA boss of being economical with the historical background of the dispute, pointing out that the issue had already undergone exhaustive debate across various levels of the International Labour Organization (ILO).

The legal battle began when the global Employers’ Group challenged whether the right to strike was protected under Convention 87.

After the ILO Governing Board affirmed the right through a majority decision, the Employers’ Group appealed the matter to the ICJ. As the highest judicial body in the world, the ICJ’s subsequent ruling in favor of workers is considered definitive and legally binding.

Labor advocates emphasize that Nigeria ratified Convention 87 in 1960, signaling a long-standing commitment to its principles. They argue that following the ICJ’s conclusive verdict, both the Nigerian government and employer bodies like NECA are obligated to obey the law unconditionally rather than selectively hiding behind local statutes to weaken workers’ rights.

Reassuring the public and the business community, labor stakeholders maintained that a strike has never been the first option for workers, but rather a last resort. They cautioned that an adversarial interpretation of the ICJ ruling by employers would only harm industrial harmony, urging instead for mutual respect and total adherence to international legal frameworks to guide future industrial relations in Nigeria.

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Otedola acquires 1.78 billion First HoldCo shares, lifts stake to 25.86%

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Femi Otedola, chairman of First HoldCo Plc, has increased his stake in the financial services group to 25.86 per cent after acquiring 1.78 billion additional shares worth about ₦222.20 billion.

In a regulatory filing on Thursday, First HoldCo disclosed that Mr Otedola, through Calvados Global Services Limited, purchased 1,779,094,976 ordinary shares at ₦124.90 per share. The new share purchase represents 3.91 per cent of the company’s outstanding shares.

Following the transaction, Mr Otedola’s total holding in the banking group rose to about 11.8 billion shares, which is equivalent to 25.86 per cent of the company’s issued share capital.

Based on the company’s share price of ₦122.95 as of 11:24 a.m. (WAT) on 30 July, Mr Otedola’s stake is valued at about ₦1.45 trillion.

READ ALSO: FirstHoldCo delivers massive ₦653.5bn profit before tax in H1 2026

Mr Otedola has steadily increased his investment in First HoldCo since emerging as the company’s largest shareholder in 2021.

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Most recently, on 22 July, he acquired an additional 706.1 million shares valued at ₦77.6 billion, raising his stake to 21.95 per cent at the time. In June, he also purchased 672.9 million shares worth ₦29.6 billion.

The June acquisition was completed during the ₦45 billion second tranche of First HoldCo’s ₦350 billion private placement programme, in which shares were offered at ₦44 per unit.

The group plans to inject the proceeds from the capital raise into First Bank of Nigeria Limited, its flagship commercial banking subsidiary, as part of its capital restoration and broader balance sheet strengthening programme.


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Sovereign Trust Insurance Boost Asset Base by 43% to ₦40.47 billion in H1 2026

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BY NKECHI NAECHE-ESEZOBORSovereign Trust Insurance Plc has released its unaudited financial results for the half-year ended June 30, 2026, showcasing significant balance sheet expansion alongside a contraction in core underwriting revenues.

According to notice filed by the company on the floor of Nigerian Exchange Plc, to all  dealing members and stockbrokers, Sovereign Trust the group’s total assets grew by 43% surging from ₦28.31 billion in June 2025 to ₦40.47 billion in June 2026.

The insurer equity base also went up from ₦12.49 billion to ₦23.20 billion expanding by 86%, signaling robust capital adequacy and underlying balance sheet strength.

Insurance service expenses for the period under review dropped by 51% from  ₦19.55 billion to ₦9.50 billion while net expenses from reinsurance contracts appreciated to ₦11.01 billion, impacting overall operational margins.

Investment returns rose sharply from 1.03 billion in H1 2025 to  ₦2.96 billion in same time of 2026, indicating 188 percent increase, demonstrating effective asset management in a high-yield environment.

While Earnings Per Share stood at 5 kobo for the group (6 kobo at the company level.

Overall, the H1 2026 performance highlights Sovereign Trust Insurance’s resilience in fortifying its capital position and leveraging investment returns to buffer operational shifts in a dynamic macroeconomic environment.

The post Sovereign Trust Insurance Boost Asset Base by 43% to ₦40.47 billion in H1 2026 appeared first on Business Today NG.

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