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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.

The post ICJ Affirms Right to Strike as Global Landmark Victory, Sparks Debate Between Labor and NECA appeared first on Business Today NG.

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Average price of petrol rises to ₦1,532.93 per litre in April, up 18.97% — NBS

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The average retail price of Premium Motor Spirit (petrol) rose to ₦1,532.93 per litre in April 2026, up from ₦1,288.54 recorded in March, according to data released by the National Bureau of Statistics (NBS) on Friday.

The latest Premium Motor Spirit (Petrol) Price Watch shows that the April price represents an 18.97 per cent increase on a month-on-month basis.

The report also indicates that on a year-on-year basis, the average retail price rose from ₦1,239.33 in April 2025 to ₦1,532.93 in April 2026, representing a 23.69 per cent increase.

According to the NBS data, Yobe recorded the highest average retail price at ₦1,599.05 per litre, followed by Edo at ₦ 1,595.74 and Bauchi at ₦ 1,589.07.

On the other hand, Niger recorded the lowest average price at ₦1,403.89 per litre, followed by Sokoto at ₦1,404.16 and Katsina at ₦1,406.28.

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The South-South recorded the highest average retail price at ₦1,566.76 per litre, while the North-West recorded the lowest at the ₦1,508.81 per litre.

Diesel price increases

The National Bureau of Statistics also said the average retail price of Automotive Gas Oil (diesel) rose by 50.16 per cent on a month-on-month basis in April 2026.

The price increased from N1,648.06 per litre in March to N2,474.69 per litre in April.

On a year-on-year basis, diesel price increased by 43.67 per cent from ₦1,722.45 per litre in April 2025 to N2,474.69 per litre in April 2026.

READ ALSO: Nigeria’s GDP grows by 3.89% in Q1 2026 — NBS

Nasarawa recorded the highest average diesel price at ₦2,818.94 per litre, followed by Ebonyi at ₦2,754.06 and Taraba at ₦2,704.76.

Kebbi recorded the lowest price at ₦2,180.28 per litre, followed by Kogi at ₦2,192.70 and Katsina at ₦2,269.14.

The North-East recorded the highest average diesel price at ₦2,603 per litre, while the North-West recorded the lowest at ₦2,409.34 per litre.

The report highlights continued variation in petrol and diesel prices across states and geopolitical zones during the period under review.


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Mutual Benefits Assurance Reports ₦80bn Revenue, Expands Assets to ₦176bn

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Mutual Benefits Assurance Plc has released its audited financial results for the year ended December 31, 2025, reporting a 19.6 per cent growth in insurance revenue to ₦80.05 billion from ₦66.92 billion recorded in 2024.

Profit before tax climbed to ₦17.41 billion, representing a 47.5 per cent increase from ₦11.80 billion in the previous year, while profit after tax rose to ₦16.42 billion from ₦11.32 billion in 2024.

The insurer also strengthened its balance sheet during the period, with total assets rising to ₦176.25 billion from ₦147.13 billion in the prior year.

Total equity increased to ₦69.73 billion from ₦54.79 billion in 2024, supported by retained earnings growth and improved profitability.

Earnings per share rose to 81 kobo from 54 kobo, reflecting enhanced shareholder value during the year under review.

Mutual Benefits recorded notable growth in investment income, with net investment income increasing to ₦19.87 billion, driven by higher interest income, fair value gains and disciplined portfolio management. Interest income alone stood at ₦10.88 billion during the period.

Operationally, the company reported a sharp improvement in insurance service result, which rose to ₦8.77 billion from ₦1.07 billion in 2024.

The performance was attributed to stronger underwriting discipline, improved claims management and more effective reinsurance arrangements.

Financial assets measured at amortised cost increased significantly to ₦86.99 billion, contributing to the expansion of the group’s investment portfolio and overall asset base.

Shareholders’ funds attributable to owners of the parent company also strengthened to ₦65.00 billion, underscoring the company’s continued capital growth and prudent financial management.

Commenting on the results, the Managing Director of Mutual Benefits Assurance Plc, Olufemi Asenuga, said the performance reflected the success of the company’s long-term growth strategy and operational transformation initiatives.

“The 2025 results demonstrate the strength of our underwriting discipline, the resilience of our investment strategy and the effectiveness of our ongoing transformation agenda. We remain committed to delivering sustainable value to our policyholders, shareholders and all stakeholders, while strengthening our leadership position in Nigeria’s insurance industry,” he said.

The company said it would continue to focus on digital transformation, operational efficiency and enhanced customer experience as part of its long-term growth strategy.

Looking ahead, Mutual Benefits plans to deepen its digital distribution channels, improve claims efficiency and expand across retail and corporate insurance segments in Nigeria and selected African markets.

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