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FirstBank announces appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director

First Bank of Nigeria Limited today announced the appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director.

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FBN Holdings appoints new Non-Executive Director , FirstBank announces the appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director
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First Bank of Nigeria Limited, Nigeria’s premier and leading financial services provider, today announced the appointment of Alhaji Ado Yakubu Wanka as Non-Executive Director.

Speaking on his appointment, Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited said, “We are delighted to welcome Alhaji Ado Yakubu Wanka, to the FirstBank Board. We are especially excited that he is bringing a combination of complementary skills and rich experience to the table which will no doubt enhance the quality of governance towards meeting our strategic goals.” 

Alhaji Ado Yakubu Wanka attended Government Secondary School, Bauchi (1966 – 1970), Federal School of Science, Lagos (1971 – 1973), holds a B.Sc. in Chemical Engineering from Ahmadu Bello University, Zaria (1973 – 1977) and an MBA from the same institution (1982 –1984). He is also an alumnus of the Harvard Business School and Switzerland’s Institute of Management Development, Lousanne. Alhaji Wanka served in the National Youth Service Corps (NYSC) as a graduate assistant with the Department of Chemical Engineering, Obafemi Awolowo University (OAU), Ile Ife. Thereafter, he started his managerial career as a young process engineer with Ashaka Cement Company Plc where he rose to the position of Deputy Production Manager

First Bank

Dr Adesola Adeduntan, Chief Executive Officer, First Bank of Nigeria Limited

After completion of his MBA degree, Alhaji Wanka acquired further managerial competence during his stay with the Northern Nigeria Development Company (NNDC), Kaduna. During the period, he participated actively in new business development and monitoring of NNDC’s quoted and unquoted investments and left as Principal Investment Executive.

Alhaji Wanka began his banking career in April 1988 with the then Nigerian International Bank (Citibank Nigeria) where he served for six months as Deputy Manager. He was with the FSB International Bank Plc from 1991 to 1997 and rose to become Executive Director. He assumed duty as the MD/CEO of the then Gamji Bank Limited in 1997, moved to First Bank of Nigeria Plc in 1998 as Executive Director, where he spent about eight (8) years. In between his banking career, Alhaji Wanka spent three years in the Nigerian National Petroleum Corporation (NNPC) – September 1988 to April 1991 – where he was Acting Head, New business Development Unit and later Head, Strategic Planning Unit of the Corporation.

With experience in Corporate and Investment Banking, he served in various capacities in other organisations, most notably as Executive Director, Finance and Administration and also, Chairman of the Board of the Nigeria and Sao Tome Joint Development Authority (an agency which oversees the commercial exploration of mineral resources in the Joint Development Zone covering the overlapping maritime boundary between Nigeria and Sao tome & Principe).

Alhaji Wanka joined Unity Bank in March 2008 as a Group Executive Director, initially in charge of Retail Banking and later Risk Management & Control Directorates. He retired in August 2013, after serving as the Bank’s Managing Director for two (2) years.

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Alhaji Wanka is currently the Chairman, APT Securities and Funds, APT Pension Fund Managers and Director, Arewa Metal Containers (ARMECO) Ltd.

SSKOHN

Alhaji Wanka is a fellow of Chartered Institute of Bankers of Nigeria (CIBN); Nigerian Institute of Management (Chartered) (NIM); Nigerian Society of Chemical Engineers (NSCHE); Institute of Chartered Management Accountants (ICMA) and Institute of Credit Administration (ICA). He is also an Honorary Fellow of the Nigerian Chemical Society and a member of the Institute of Directors (IoD).

First Bank of Nigeria Limited

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa and the leading banking services solutions provider in Nigeria for 125 years. With some 17 million customer accounts, FirstBank provides a comprehensive range of retail and corporate financial services with over 38000 business locations. The Bank has international presence through its subsidiaries, FBN Bank (UK) Limited in London and Paris, FBNBank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra-Leone and Senegal, as well as a Representative Office in Beijing.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership. Over the years, the Bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the Federal Government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner.

FirstBank has been named “Most Valuable Bank Brand in Nigeria” six times in a row (2011 – 2016) by the globally renowned “The Banker Magazine” of the Financial Times Group; “Best Retail Bank in Nigeria” for seven consecutive years (2011 – 2017) by the Asian Banker International Excellence in Retail Financial Services Awards and “Best Bank in Nigeria” by Global Finance for 15 years. Our brand purpose is to always put customers, partners and stakeholders at the heart of our business, even as we standardise customer experience and excellence in financial solutions across sub-Saharan Africa, in consonance with our brand vision “To be the partner of first choice in building your future”. Our brand promise is to always deliver the ultimate “gold standard” of value and excellence. This commitment is anchored on our inherent values of passion, partnership and people, to position You First in every respect.

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    Spacefinish is redesigning the future of training academies for banks 

    In designing the Purple Academy, Spacefinish infused copious inspiration touchpoints.

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    Training academies are an important part of the corporate world. These academies provide access to a rich pool of talent and also equip professionals with the necessary resources to transition into various careers and build their professional networks.

    In Nigeria, commercial banks have a considerably high number of training academies. In fact, out of the 22 registered commercial banks in the country, 17 have accredited academies. As the demands for better career experience increase, banks are beginning to focus on the learning experience of their people by investing in learning spaces that provide students and instructors with what they want and expect. A very good example of this is Wema Bank’s Purple Academy designed by Spacefinish.

    For a long time, banks’ training institutes have typically functioned around rigidity. From their spatial architecture, learning modes, to furnishings, these spaces hardly allow for flexibility which is a core requirement for the learning space of the future. 

    In designing the Purple Academy, Spacefinish set out to create a state-of-the-art corporate learning space that is future relevant and user-centred by focusing on the following shifts:

    A Flexible Space That Supports Active Learning

    Recent research has shown that learning spaces that are flexible enough to allow users learn how, where and when they want will deliver more impact to professionals. By introducing elements like dynamic modular furniture into the design of the Purple Academy, Spacefinish ensures that users can enjoy endless configuration that accommodate peer-to-peer collaboration or focus work as their various learning situations demands.

    Multi-functionality and Blended Learning

    Corporate institutions need to reimagine their learning space to allow for blended learning which allows for physical and online learning experiences to take place at the same time. This will produce improved outcomes in the experience of students. The Purple Academy boasts of audio visual features like screens on the wall and ceiling mounted microphones to optimize the experience for remote learners. Also, the lecture theatre spots a collapsible wall that not only inspires users but also enhances the multi-functionality of the space. 

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    Engendering Innovation Through Inspiration

    Students and instructors want to be a part of something creative and inspiring. However, traditional learning space comes with a lot of inhibition in this regard by being bland and uninspiring. In designing the Purple Academy, Spacefinish infused copious inspiration touchpoints. The library in the Purple Academy reflects the influence of technology on libraries. To portray this, Spacefinish installed tablet-like bookshelves to show how educational materials can now be accessed through digital devices. 

    SSKOHN

    Wema Bank’s Purple Academy has shown that at a time like this, it has become paramount for corporate institutions like banks to reimagine their learning spaces. Through the intentional design of learning spaces that are flexible enough to promote collaboration and innovation easily, corporate institutions can be assured that professionals can become the best version of themselves.

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    Upcoming Flare Network launch and lawsuit win may propel XRP to ATH – PrimeXBT Lead Analyst, Kim Chua

    The Flare Network is expected to go live in 2Q2021, which could be anytime between now and June.

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    The price of XRP has tripled in value over 2 weeks and subsequently pulled back sharply. Can we expect more upside for XRP, or is the XRP run up over? 

    With more positive news and developments in store over the next few months, this run may not be over yet. Other than the edge Ripple has over the SEC in the lawsuit, another reason may send the price of XRP soaring.  

    This is related to the Flare Network. Recall that in December last year, before news of the SEC lawsuit broke, investors were getting excited over the Spark (FLR) token airdrop that will be the native token on the Flare Network. That airdrop incited a huge surge in the price of XRP before the SEC lawsuit news sent its price reeling. 

    The Flare Network is expected to go live in 2Q2021, which could be anytime between now and June. The launch of Flare Network, with the airdropped FLR tokens to be finally distributed to qualified holders of XRP (those who owned XRP during the snapshot in December), couldn’t have come at a better time to hype up XRP again. 

    Not only will FLR tokens be distributed into the accounts of XRP holders, another airdrop will occur around one month after the launch of Flare Network. 

    Flare Finance, which is built on the Flare blockchain and designed to power swaps, stable currency, yield farming, asset-backed loans, insurance, and yield mining, plans to offer those same participants another airdrop. The company says it will airdrop DAOFlare token (DFLR) to users who receive Spark. DFLR holders can then swap those tokens for YieldFlare, Flare Finance’s official token. This means additional free money and tools for the same XRP community who have benefitted from the Spark airdrop – certainly reason for die-hard XRP community to be very excited and pleased about and re-hype XRP all over again.

    Flare Network’s launch provides another utility for the XRP token since XRP holders are able to buy FLR using XRP, or use their airdropped FLR tokens to mint FXRP that is interoperable with the ETH blockchain. This gives holders of XRP opportunity to participate in ETH-based DeFi and NFT projects to do yield-farming, trade on DEX, and join the NFT mania, which it otherwise was not able to do. This is very exciting news indeed for one more use case for the XRP token.  

    Other than the Flare Network launch, another important news that may impact the price of XRP greatly is definitely the result of the SEC lawsuit. Ripple has filed a motion to dismiss the SEC lawsuit, and the SEC will have up to 14 May to contest it. Should the SEC not contest, or should the judge rule in Ripple’s favour, the lawsuit will be dropped. Dropping of the lawsuit will definitely cause the price of XRP to spike again.

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    Furthermore, with it becoming clear that people outside Ripple that sell XRP cannot be charged for selling illegal securities, exchanges are beginning to relist the XRP token. A swiss exchange has since announced that is has relisted XRP. Should more prominent exchanges begin to relist XRP again, it could bring the price of XRP up further. Chatters are already in overdrive after a Twitter user speculated that Coinbase was planning to relist XRP. Coinbase however, has not confirmed nor denied the rumour. Should a Coinbase relisting happen, the price of XRP is expected to spike again, regardless of the outcome of the lawsuit. 

    SSKOHN

    On the technical charts, after extending a solid run from $0.635 to a high of $1.99, XRP has retraced its first up thrust to its 61.8% Fibonacci retracement level at $1.14 and bounced. Its RSI is no longer in the overbought territory. After letting out much froth, XRP can now resume its uptrend in a more steady and sustainable manner towards its ATH of $3.30. The area around $1.00 provides a very solid support that is not likely to be broken. A break above $1.50 could mean that the retracement is over and price will resume on its uptrend again. 

    The only risk now, other than a bad surprise in the SEC lawsuit result, is Jed McCaleb, the co-founder and former CTO of Ripple Labs. As one of Ripple’s main contributors, Jed acquired more than 9 billion XRP as part of the compensation plan for his role, and has been regularly selling his stash. However, he is left with only around 2 billion XRP and he is allowed to sell a percentage of XRP’s daily traded volume tabulated in the 2 weeks prior. With the higher trading volume in the last 2 weeks, Jed will be allowed to sell around 40 million XRP per day beginning 18 April. Whether or not he sells is unknown, but it is something traders need to take note of as a potential pressure on price should buyers not be able to absorb his selling. However, Jed’s selling has been well-absorbed all this while without any impact to price and his stash will finish by May if he were to keep selling. This will then remove a huge supply overhang and be good for the price of XRP moving forward. 

    As we move closer to the month of May, both the fundamental and technical picture bodes well for XRP. Perhaps the month of May could be the period when XRP tests its ATH of $3.30. If the momentum remains strong, it is possible XRP may even test $3.30 before May arrives.

    About Kim Chua, PrimeXBT Market Analyst:

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    Kim Chua is an institutional trading specialist with a track record of success that extends across leading banks including Deutsche Bank, China Merchants Bank, and more. Chua later launched a hedge fund that consistently achieved triple-digit returns for seven years. Chua is also an educator at heart who developed her own proprietary trading curriculum to pass her knowledge down to a new generation of analysts. Kim Chua actively follows both traditional and currency markets closely and is eager to find future investment and trading opportunities as the two vastly different asset classes begin to converge.

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