Maritime Devt Bank begins operation 16 years after – Oyetola

Mr Adegboyega Oyetola, the Minister of Marine and Blue Economy, has announced that the Regional Maritime Development Bank (RMDB) has begun operations after 16 years of its establishment.

Oyetola made this known, in a statement by his Media and Communications Adviser, Dr Bolaji Akinola, on Thursday in Abuja.

He also said that President Bola Tinubu had appointed Mr Adeniran Aderogba, as the bank’s first President and Chief Executive Officer.

The minister said that aderogba’s appointment had been duly communicated to him through the Office of the Director, Maritime Safety and Security, Mr Babatunde Bombata.

“This approval marks the historic takeoff of a project that has been in the works since 2009, when member states of the Maritime Organisation of West and Central Africa (MOWCA) first approved the establishment of the bank.

“The long delay in operationalising 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,” he said

Oyetola said that the kick-off of the bank broke a longstanding deadlock and reaffirmed Nigeria’s commitment to regional integration, maritime development, and economic cooperation.

He said that the bank would serve as a dedicated financial institution, providing long-term funding solutions for port infrastructure, fleet acquisition, shipping logistics, and intermodal transport systems.

The minister said that with the bank, Nigeria now poised to become a powerful engine for regional growth, connectivity, and prosperity.

According to him, it is a cornerstone initiative, aligned with the Federal Government’s agenda, which prioritises infrastructure development, inclusive economic growth, and regional partnership.

Oyetola urged the newly appointed president of the bank to bring his over three decades of strategic experience in maritime administration, finance, and investment to bear on the bank.

“Aderogba’s appointment is a bold and competent choice that will steer the bank from conception.

“His extensive career spans the public and private sectors, and he is a respected thoughtful leader in financial markets that has contributed significantly to Nigeria’s financial infrastructure, amongst others.

“His appointment and the operationalisation of the RMDB will catalyse development, boost trade, and unlock funding for critical maritime infrastructure,” he said.

Oyetola lauded the Federal Government for its unwavering resolve to deliver long-standing commitments and drive transformative change in the maritime sector across regions.