- As Institution Finally Takes Off After 16-Year Delay
Nigeria on Thursday announced the realisation of a regional maritime bank, and the appointment of its pioneer- Chief Executive Officer.
The Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, announced that President Bola Ahmed Tinubu, has given approval for Nigeria’s hosting of the long awaited Regional Maritime Development Bank (RMDB) and appointed a Nigerian, Mr. Adeniran Aderogba, as the Bank’s first President and Chief Executive Officer.
This approval marks the historic take-off of a project that has been in the works since 2009, when member states of the Maritime Organization of West and Central Africa (MOWCA) first approved the establishment of the bank. The long delay in operationalizing the institution is now over, with President Tinubu breaking yet another jinx and giving a much-needed boost to the regional maritime sector.
“This is a moment of great significance for Nigeria and the entire West and Central African sub-region,” said the Honourable Minister. “After 16 years of waiting, the Regional Maritime Development Bank is finally taking off, thanks to the decisive leadership of President Bola Ahmed Tinubu. His approval not only breaks a longstanding deadlock but also reaffirms Nigeria’s commitment to regional integration, maritime development, and economic cooperation.”
The Regional Maritime Development Bank is envisioned as a dedicated financial institution that will provide long-term funding solutions for port infrastructure, fleet acquisition, shipping logistics, and inter- modal transport systems. It is a cornerstone initiative aligned with President Tinubu’s Renewed Hope Agenda, which prioritizes infrastructure development, inclusive economic growth, and regional partnership.
The Minister said Mr. Aderogba brings over three decades of strategic experience in maritime administration, finance, and investment.
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