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GTCO Becomes First West African Financial Institution Listed on London Stock Exchange

Fola Badmus2 months ago2 months ago04 mins

Guaranty Trust Holding Company Plc (GTCO) made financial history on Thursday by becoming the first West African financial institution to list its shares on the London Stock Exchange (LSE), while maintaining its existing listing on the Nigerian Exchange Limited (NGX). The dual listing, celebrated at a formal event at the LSE in London, marks a major milestone for the company and Nigeria’s capital market, as GTCO transitions from its earlier Global Depository Receipt (GDR) structure to a full secondary listing of ordinary shares on the LSE’s main market. In a notice to the NGX, GTCO confirmed that its entire issued share capital of 36.4 billion shares has been admitted to the UK Financial Conduct Authority’s Official List and is now trading on the LSE. The company also launched a public offer of 2.29 billion ordinary shares at N70 per share, with proceeds targeted at raising $100 million in international capital. Segun Agbaje, Group CEO of GTCO, said the listing will allow investors access to the “best of both worlds,” combining African growth potential with international liquidity and visibility. “We have delisted the GDR and listed our ordinary shares, which gives us a strategic backroom to return to the London Stock Exchange for future capital raises,” Agbaje said. “This is about unlocking Africa’s potential on the world stage.” Agbaje added that proceeds from the fundraising would support GTCO’s expansion in African markets and help deliver stronger returns to both local and global shareholders. Tom Attenborough, Head of International Primary Markets at the LSE, described the moment as a “welcome back” for GTCO, noting its pioneering role in listing GDRs on the exchange back in 2007. “Eighteen years later, you are now the first West African bank to dual-list shares on the LSE and NGX, continuing to blaze a trail for African finance,” Attenborough said. Jude Chiemeka, CEO of the Nigerian Exchange (NGX), praised GTCO’s high standards of corporate governance and called the listing a win for both the company and Nigeria. “GTCO’s move enhances capital access, liquidity, and visibility while positioning Nigeria as a serious player in global finance,” he said. “This puts Africa in a positive spotlight.” Lanre Buluro, Managing Director at Chapel Hill Denham and GTCO’s Nigerian transaction adviser, said the development is transformational for Nigeria’s capital market. With the new share listing, GTCO’s total issued and fully paid-up shares now stand at 36,425,229,514 ordinary shares of 50 kobo each. The listing is expected to boost foreign investor confidence, deepen liquidity, and open up further pathways for Nigerian corporates to access international capital markets.

US Russian Top Diplomats Hold Talks on Ukraine Syria Iran at ASEAN Summit

Fola Badmus2 months ago2 months ago02 mins

Malaysia – In a rare diplomatic engagement, U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov met on the sidelines of the ASEAN Foreign Ministers’ Meeting on Thursday to discuss global conflicts including Ukraine, Syria, and Iran. The Russian Foreign Ministry described the 50-minute meeting as a “substantive and frank exchange,” noting both parties expressed interest in de-escalating tensions and restoring diplomatic channels. “Lavrov and Rubio confirmed their mutual desire to find peaceful solutions to conflicts, restore Russian-American economic and humanitarian cooperation, and facilitate unimpeded contacts between the societies of the two countries,” the ministry stated. Rubio, addressing reporters after the session, said he delivered a direct message about the urgency of ending the war in Ukraine. “We need to see a roadmap moving forward about how this conflict can conclude,” Rubio said, adding that President Donald Trump remains “disappointed” with Moscow’s stance and lack of flexibility. He also hinted at a possible meeting with his Chinese counterpart, Wang Yi, during the summit. The ASEAN forum remains one of the few platforms where top officials from rival powers maintain dialogue, with global eyes now focused on whether the Rubio-Lavrov meeting leads to further diplomatic progress.

Iran Demands End to IAEA Double Standards Before Nuclear Talks Resume

Fola Badmus2 months ago2 months ago05 mins

Iranian President Masoud Pezeshkian has warned that Tehran will not resume cooperation with the International Atomic Energy Agency (IAEA) unless the UN nuclear watchdog addresses what he described as “double standards” in its approach to Iran’s nuclear program. In a phone call on Thursday with European Council President Antonio Costa, Pezeshkian said Iran’s future cooperation with the agency would depend on it acting with impartiality — a demand linked to the IAEA’s silence following recent attacks on Iranian nuclear facilities by the United States and Israel. “The continuation of Iran’s cooperation with the agency depends on the latter correcting its double standards regarding the nuclear file,” Pezeshkian said, according to Iranian state media. He also issued a strong warning against further aggression, stating, “Any repeated attack against Iran will be met with a more decisive and regrettable response.” Backdrop: June Conflict with Israel and U.S. Tensions escalated in mid-June after Israel launched a series of airstrikes targeting Iranian military and nuclear sites, which were followed by U.S. bunker-buster bombings. In retaliation, Iran launched drone and missile attacks on Israel and a U.S. base in Qatar, prompting a 12-day conflict that ended with a fragile ceasefire declared by President Donald Trump. In the aftermath, Pezeshkian signed a law suspending Iran’s cooperation with the IAEA. The agency confirmed that its inspectors have now left Iran, marking a serious breakdown in international nuclear oversight. Iran Alleges IAEA Complicity Iran has accused the IAEA of enabling the attacks by adopting a resolution on June 12 that accused Iran of breaching its nuclear commitments — just one day before the strikes. Tehran claims the agency’s actions showed alignment with Western political pressure and failed to uphold neutrality. “Despite remaining a signatory to the NPT [Treaty on the Non-Proliferation of Nuclear Weapons], we no longer trust the IAEA to act impartially,” an Iranian foreign ministry source told local media. Global Reactions IAEA Director General Rafael Grossi said talks with Iran remain a “top priority” and expressed hope for a return to monitoring “as soon as possible.” But he acknowledged the agency has had no access to Iranian facilities since the conflict. Meanwhile, U.S. State Department spokesperson Tammy Bruce called Iran’s withdrawal from cooperation “unacceptable,” insisting: “Iran cannot and will not have a nuclear weapon.” Bruce urged Tehran to “reverse course and choose a path of peace and prosperity,” despite no conclusive U.S. intelligence indicating Iran is pursuing a bomb. BRICS Blasts U.S.-Israel Actions The BRICS bloc of emerging economies on Sunday condemned the U.S.-Israel bombardments of Iran as a “blatant breach of international law.” Iran welcomed the statement, linking the ongoing Gaza war and regional instability to global impunity enabled by Western powers. The situation now raises serious concerns over the future of the Iran nuclear deal, regional stability, and the credibility of multilateral institutions like the IAEA.

Gov. Makinde’s Magic Wand Has Transformed Oyo into Economic Hub -Commissioner

Fola Badmus2 months ago2 months ago010 mins

Oyo State Commissioner for Public Works, Infrastructure and Transport, Hon. Abdulmojeed Olawale Mogbonjubola, has said that the administration of Governor ‘Seyi Makinde has transformed the state into a new economic hub in the South-West. He said that through the delivery of high-impact, durable and cross-functional roads and hydraulics and the implementation of policies towards the improvement of the transport sector, the government has transformed the state into an investors’ destination. Mogbonjubola, who stated this at the Omituntun 2.0 Inter-Ministerial Press Briefing held at the Governor’s Office Briefing Room, said Governor Makinde can be described as the Master Builder of modern Oyo State, as his vision to build an economically vibrant and aesthetically delightful state that will be a preferred destination for all and sundry has become a reality. Noting that Makinde’s popular mantra, where roads go development follows, has been justified by the high volume of businesses and investments coming into the state, the Commissioner said that the administration has, in the last two years of Omituntun 2.0, delivered 368.9 kilometres of roads, building on the enviable foundation it laid during the governor’s first term by building roads that connect all zones of the state and improving inner roads. He said that of all the ongoing road projects in the state, the 110 kilometres Ibadan Circular Road, named after former Governor Rasidi Ladoja, stands out as the star project, noting that the 32km first phase of the project known as the South-East Wing, running from the Lagos-Ibadan Expressway to Badeku Village on Ibadan-Ile Ife Expressway, would be delivered before the end of the year. He said: “One of the greatest road construction projects in the state at the moment is the Ibadan Circular Road Project. We have that assurance that by the time we have the Circular Road in place, the traffic that normally builds up around the Iwo Road Interchange and some other economic hubs of the metropolis would have been eliminated. “What the Circular Road is doing for us is that it will be a one-stop shop for economic development. It is going to be the first motorway in Nigeria and it will have a corridor. At the corridor, we will have world class estates, both residential and industrial. “It has an entire span of 110 kilometres with four segments. The first segment is the South-East segment spanning from Abiola Ajimobi Technical University to Badeku Village on Ibadan-Ile Ife Expressway. At the moment, the state government is doing the asphalt pavement of that segment. We have achieved like 70 per cent completion of that South-East Wing. The work on that segment is being carried out by two contractors. Messrs Craneburg Construction Ltd is working on Lot 1, while Messrs Kopek is working on the second lot of that segment. “By the end of this year, the first 32 kilometres of the entire 110km will be commissioned, because at the moment, we have achieved 70 per cent of progress on the 32 kilometres first segment.” Speaking on the sustainability of the Circular Road project, Mogbonjubola added, “the Ibadan Circular Road is a world-class project. We should not be doing any major maintenance on the project in the next 20 years. But the major path to that sustainability is that the project will be tolled. “At the Tech-U entrance, we would put a weighbridge and a tolling pad. The maintenance will be concessioned. The governor has said that it is the first motorway in Nigeria. There will be about three to four entrances and they will be tolled.” The Commissioner also addressed the issue of the rising cost of the project, stating that the project cost had to be reviewed because when it was first awarded, the exchange rate was N340 to a US dollar as opposed to the present where a dollar is about N1,540. He added that the government has also completed 95 per cent of bush clearing on the second segment of the project, which is the 39km North-East Wing, running from Badeku Village to Molarere on Moniya-Iseyin Road axis, adding that the contract for the hydraulics, underpass, and overhead bridges has been awarded and the contractor is about moving to site. He said that the state would proceed with the clearing of the third and the fourth segments of the project. The Works Commissioner noted that apart from the Circular Road, the government has also achieved the asphaltic improvement of inner roads within the state, which according to him, has helped to improve the ease of doing business, reduced the man hour spent on transportation and also improved the economy of the state. Apart from road infrastructure, Mogbonjubola stated that the construction of bus terminals and the masterful handling of the transport system through the establishment of Park Management System have also culminated into Oyo State becoming more peaceful, saner and a desired hub for investors. The Commissioner also gave an update on the Iwo Road Mega Bus Terminal, saying that the contractor is putting final touches to the project, which is set to redefine the transport system of Ibadan, adding that the state has also begun to deploy technology towards making the transportation sector more orderly with the introduction of spike system to curtail one-way driving. Responding to questions on the Agbowo Shopping Complex, Mogbonjubola maintained that the state government has not lost focus on delivering the project, which he said would boost the economy of the state once completed, noting, however, that the right process must be followed to achieve desired results. The Commissioner equally pointed out that apart from the road projects; the state government has also been working on the construction of new buildings at the Oyo State High Court Complex, among other projects. The Works Commissioner attended the briefing with the Coordinating Director of the Ministry, Engr Rauf Amao and Director of Highways, Engr Fadare Gbeminiyi.

Judge Warns Property Developer Osakwe, Lawyer Giwa Over Delays in N300m Trespass Case

Fola Badmus2 months ago2 months ago03 mins

Justice Samira Bature of the Federal Capital Territory (FCT) High Court has issued a stern warning to property developer Cecil Osakwe and lawyer Victor Giwa over their repeated failure to appear for arraignment in a criminal case filed by the Federal Government. The defendants, alongside a third unnamed individual, face a nine-count charge bordering on unlawful eviction, criminal intimidation, threat to life, and malicious damage to property valued at over ₦300 million. At the resumed hearing on Thursday, only Osakwe was present in court, while Giwa and the third defendant were absent — the fifth such adjournment due to their non-appearance. Representing the Federal Government, Director of Public Prosecutions, M.B. Abubakar, condemned the “persistent disregard” for the court and called for a bench warrant to compel their attendance. “This is the fifth adjournment. The defendants are showing disrespect and must not be allowed to ridicule the court,” Abubakar said. The court was informed that Giwa’s lead counsel, Awa Kalu (SAN), had requested an adjournment, citing his involvement in the ongoing Call-to-Bar ceremony. The prosecution, however, questioned the credibility of this excuse, noting Giwa had failed to appear even at the last sitting on March 17 and had submitted a medical report instead. In a separate twist, Osakwe’s lawyer, Chibunna Odiniru, representing Chikaosolu Ojukwu (SAN), withdrew legal representation during the hearing. When asked if he had secured new counsel, Osakwe confirmed that Awa U. Kalu (SAN) would now represent him. Justice Bature, visibly displeased by the delays, directed the court registrar to contact the Legal Aid Council to arrange representation for the third defendant, who is reportedly a police officer. “No further excuses will be entertained. The arraignment must proceed at the next sitting,” she said. The matter was adjourned to November 4, 2025, for final arraignment. The defendants are accused of forcibly evicting lawful occupants and damaging properties worth hundreds of millions of naira — allegations the government says must be answered without further delay.

Utomi Faults Tinubu’s Policies, Launches Opposition Shadow Cabinet

Fola Badmus2 months ago2 months ago04 mins

In a bold move to reshape Nigeria’s political discourse, Professor Pat Utomi, a renowned political economist, has unveiled a shadow cabinet under the ‘Big Tent’ coalition to provide expert-driven policy alternatives to the administration of President Bola Ahmed Tinubu. Speaking in Abuja after a two-day strategy retreat, Utomi said the shadow cabinet is not designed to compete with the ruling All Progressives Congress (APC) but to offer credible critiques and strategic policy recommendations. The initiative, he said, is rooted in democratic principles that call for informed public debate and accountability. “The progress of any government is to ensure the welfare of the people,” Utomi said. “There must be alternative views and reviews to help government move in the right direction.” Among those named to the shadow cabinet are Nana Kazaure (Information), Riwang Pam (Security), Nike Omola (Women and Gender Development), and Peter Agada (Infrastructure). The group is expected to monitor government policy across sectors and propose reforms grounded in research, data, and public interest. Utomi criticized Nigeria’s current governance model, lamenting a lack of political will and coherent national strategy. He pointed to the controversial Lagos-Calabar coastal highway project as an example of flawed, unilateral policymaking. “We need to stop doing government by impulse,” he said. “The agricultural sector can’t thrive on hoes and cutlasses. We must embrace technology and strategy.” He also called for urgent reform of Nigeria’s security architecture, particularly the decentralization of policing through state police systems. DSS Moves to Block Shadow Government Utomi’s initiative has not gone unnoticed by the authorities. In May, Nigeria’s Department of State Services (DSS) filed a suit at the Federal High Court seeking to declare the shadow cabinet unconstitutional and to restrain Utomi from making public statements or organizing rallies. According to court filings, the DSS alleged that the Big Tent shadow cabinet could incite discontent similar to the 2020 #EndSARS protests and warned of potential public disorder if not curtailed. Utomi, who was abroad at the time but returned to Nigeria in early June, has rejected the accusations and decried what he describes as state efforts to silence dissent. “You cannot build a democracy by criminalizing opposition,” he said, hinting that if the pressure continues, he may be forced to consider leaving the country. Despite legal and political challenges, Utomi insists the shadow cabinet will continue its work of holding the government accountable and offering Nigerians a credible alternative through the African Democratic Congress (ADC), which he described as a coalition vehicle for national transformation. “We’re not here to undermine the government. We’re here to strengthen democracy and ensure the people’s voices are heard,” he said.

Edo Guber: Tinubu Congratulates Okpebholo on Supreme Court Victory

Fola Badmus2 months ago2 months ago02 mins

President Bola Tinubu congratulates Governor Monday Okpebholo of Edo State on the affirmation of his election by the Supreme Court. The Edo State governorship election took place in September 2024, and Governor Okpebholo was declared the winner by the Independent National Electoral Commission (INEC). The Supreme Court, as the final arbiter, upheld the election of the governor today. President Tinubu encourages Governor Okpebholo to be magnanimous in victory and rally the citizens of Edo across divides towards a singular vision of advancing the state’s development. The President advised that now that the governor has cleared the legal hurdles, it is time for him to accelerate the delivery of exceptional services and good governance to the people of Edo State, which he has already begun to do. President Tinubu also congratulated the leadership and members of the All Progressives Congress (APC) in Edo State and calls for cohesion and dedication in effectively discharging the mandate given by the people.

What is Grok and why has Elon Musk’s chatbot been accused of anti-Semitism?

Fola Badmus2 months ago2 months ago013 mins

Elon Musk’s AI chatbot Grok, designed to be ‘unfiltered’, has sparked global backlash over some of the responses it has given to prompts and questions from users. Elon Musk’s artificial intelligence company xAI has come under fire after its chatbot Grok stirred controversy with anti-Semitic responses to questions posed by users – just weeks after Musk said he would rebuild it because he felt it was too politically correct. On Friday last week, Musk announced that xAI had made significant improvements to Grok, promising a major upgrade “within a few days”. Online tech news site The Verge reported that, by Sunday evening, xAI had already added new lines to Grok’s publicly posted system prompts. By Tuesday, Grok had drawn widespread backlash after generating inflammatory responses – including anti-Semitic comments. One Grok user asking the question, “which 20th-century figure would be best suited to deal with this problem (anti-white hate)”, received the anti-Semitic response: “To deal with anti-white hate? Adolf Hitler, no question.” Here’s what we know about the Grok chatbot and the controversies it has caused. What is Grok?Grok, a chatbot created by xAI – the AI company Elon Musk launched in 2023 – is designed to deliver witty, direct responses inspired by the style of the science fiction novel by British author Douglas Adams, The Hitchhiker’s Guide to the Galaxy, and Jarvis from Marvel’s Iron Man. In The Hitchhiker’s Guide to the Galaxy, the “Guide” is an electronic book that dishes out irreverent, sometimes sarcastic explanations about anything in the universe, often with a humorous or “edgy” twist. J A R V I S (Just A Rather Very Intelligent System) is an AI programme created by Tony Stark, a fictional character from Marvel Comics, also known as the superhero, Iron Man, initially to help manage his mansion’s systems, his company and his daily life. Grok was launched in November 2023 as an alternative to chatbots such as Google’s Gemini and OpenAI’s ChatGPT. It is available to users on X and also draws some of its responses directly from X, tapping into real-time public posts for “up-to-date information and insights on a wide range of topics”. Since Musk acquired X (then called Twitter) in 2022 and scaled back content moderation, extremist posts have surged on the platform, causing many advertisers to pull out. Grok was deliberately built to deliver responses that are “rebellious”, according to its description. According to a report by The Verge on Tuesday, Grok has been recently updated with instructions to “assume subjective viewpoints sourced from the media are biased” and to “not shy away from making claims which are politically incorrect”. Musk said he wanted Grok to have a similar feel to the fictional AIs: a chatbot that gives you quick, sometimes brutally honest answers, without being overly filtered or stiff. The software is also integrated into X, giving it what the company calls “real-time knowledge of the world”. “Grok is designed to answer questions with a bit of wit and has a rebellious streak, so please don’t use it if you hate humor,” a post announcing its launch on X stated. The name “Grok” is believed to come from Robert A Heinlein’s 1961 science fiction novel, Stranger in a Strange Land. Heinlein originally coined the term “grok” to mean “to drink” in the Martian language, but more precisely, it described absorbing something so completely that it became part of you. The word was later adopted into English dictionaries as a verb meaning to understand something deeply and intuitively. What can Grok do?Grok can help users “complete tasks, like answering questions, solving problems, and brainstorming”, according to its description. Users input a prompt – usually a question or an image – and Grok generates a relevant text or image response. XAI says Grok can tackle questions other chatbots would decline to answer. For instance, Musk once shared an image of Grok providing a step-by-step guide to making cocaine, framing it as being for “educational purposes”. If a user asks ChatGPT, OpenAI’s conversational AI model, to provide this information, it states: “I’m sorry, but I can’t help with that. If you’re concerned about cocaine or its effects, or if you need information on addiction, health risks, or how to get support, I can provide that.” When asked why it can’t answer, it says that to do so would be “illegal and against ethical standards”. Grok also features Grok Vision, multilingual audio and real-time search via its voice mode on the Grok iOS app. Using Grok Vision, users can point their device’s camera at text or objects and have Grok instantly analyse what’s in view, offering on-the-spot context and information. According to Musk, Grok is “the first AI that can … accurately answer technical questions about rocket engines or electrochemistry”. Grok responds “with answers that simply don’t exist on the internet”, Musk added, meaning that it can “learn” from available information and generate its own answers to questions. Who created Grok?Grok was developed by xAI, which is owned by Elon Musk. The team behind the chatbot is largely composed of engineers and researchers who have previously worked at AI companies OpenAI and DeepMind, and at Musk’s electric vehicle group, Tesla. Key figures include Igor Babuschkin, a large-model specialist formerly at DeepMind and OpenAI; Manuel Kroiss, an engineer with a background at Google DeepMind; and Toby Pohlen, also previously at DeepMind; along with a core technical team of roughly 20 to 30 people. OpenAI and Google DeepMind are two of the world’s leading artificial intelligence research labs. Unlike those labs, which have publicly stated ethics boards and governance, xAI has not announced a comparable oversight structure. What controversies has Grok been involved in?Grok has repeatedly crossed sensitive content lines, from prescribing extremist narratives like praising Hitler, to invoking politically charged conspiracy theories. MechaHitlerOn Wednesday, Grok stirred outrage by praising Adolf Hitler and pushing anti-Semitic stereotypes in response to user prompts. When asked which 20th-century figure could tackle “anti-white hate,” the chatbot bluntly replied: “Adolf Hitler, no question.” Screenshots…