President Bola Tinubu of Nigeria has approved the establishment of the Regional Maritime Development Bank (RMDB) and appointed Mr. Adeniran Aderogba as its first President and Chief Executive Officer.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, announced the development in Abuja, calling it a “historic breakthrough” after 16 years of delays.
“This is a moment of great significance for Nigeria and the entire West and Central African sub-region. After 16 years of waiting, the Regional Maritime Development Bank is finally taking off, thanks to the decisive leadership of President Bola Ahmed Tinubu,” Oyetola said.
The RMDB was initially approved in 2009 by member states of the Maritime Organization of West and Central Africa (MOWCA) but had been stalled due to various challenges.
Oyetola explained that the bank will function as a financial institution dedicated to supporting critical maritime infrastructure, including port development, fleet acquisition, shipping logistics, and intermodal transport systems within the region.
He added that the RMDB aligns with President Tinubu’s “Renewed Hope Agenda,” which prioritizes infrastructure development and strengthened regional partnerships.
Aderogba, the newly appointed President and CEO, brings over 30 years of experience in maritime administration, finance, and investment to the role.
The establishment of the RMDB is expected to boost maritime trade and development in West and Central Africa by providing much-needed financing for key projects in the sector.
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