The Minister of Marine and Blue Economy, Adegboyega Oyetola, has 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. 

A statement by Dr Bolaji Akinola, Media and Communications Adviser to the Minister of Marine and Blue Economy, stated that the 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.

“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 minister said.

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 intermodal transport systems. It is a cornerstone initiative aligned with President Tinubu’s Renewed Hope Agenda, which prioritises 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. 

“His appointment is a bold and competent choice that will steer the bank from conception to impact,” he said.  

Mr Aderogba’s extensive career spans the public and private sectors. He previously served as Executive Director, Finance and Administration at the Nigerian Maritime Administration and Safety Agency (NIMASA), and was later appointed acting director general of the agency. In the financial sector, he held senior leadership roles at First Atlantic Bank Plc. and MBC International Bank Ltd, where he oversaw investment banking and structured trade finance.