Tinubu Approves as Regional Maritime Bank Set to Begin Operation in Nigeria

• Nigeria will be home to the Regional Maritime Development Bank after 16 years since the bank was conceptualised
• A statement by the Minister of Marine and Blue Economy, Gboyega Oyetola, disclosed that Tinubu approved the bank’s establishment in Nigeria
• He disclosed that Tinubu also approved the appointment of Adeniran Aderogba as the bank’s first president and chief executive officer

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Minister of Marine and Blue Economy, Gboyega Oyetola, has announced that President Bola Tinubu has approved Nigeria’s hosting of the Regional Maritime Development Bank (RMDB).

Oyetola also disclosed that Tibubu appointed Adeniram Aderogba as the bank’s first president and chief executive officer.

Tinubu appoints RMDB’s CEO

A statement from the minister's media office disclosed that the approval signifies a historic takeoff of the project after the idea was first floated in 2009, when members of the Maritime Organisation of West and Central Africa approved the bank’s establishment.

The statement said the long delay is now over, with President Tinubu’s appointment of the CEO, giving the 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”, the statement said.

RMDB begins operations after 16 years

According to the minister, after 16 years, the Regional Maritime Development Bank is finally starting operation, stating that Tinubu’s approval breaks a longstanding hurdle and reaffirms Nigeria’s commitment to development and economic cooperation.

Daily Trust reports that the Regional Maritime Development is a dedicated financial institution that will provide long-term funding solutions for port infrastructure, fleet acquisition, shipping logistics, and intermodal transport infrastructure.

The bank is a key initiative aligned with President Tinubu’s agenda, prioritising infrastructure development, inclusive economic growth, and regional partnership.

Aderogba’s pedigree in maritime administration

Oyetola said that Aderogba has over three decades of strategic experience in maritime administration, finance, and investment.

The minister said Aderogba’s appointment is a bold and competent choice to move the bank from conception to impact.

Gboyega said that Aderogba’s career spans various sectors, including serving as executive director, finance and administration at the Nigerian Maritime Administration and Safety Agency (NIMASA), and as acting director general of NIMASA.

Aderogba worked in senior positions at First Atlantic Bank and MBC International Bank, overseeing investment banking and structured finance.

Nigeria to host Africa Energy Bank

The move comes a few days after the Nigerian government said the framework for the Africa Energy Bank, also to be headquartered in Nigeria, is being developed.

The Nigerian Content Development and Monitoring Board (NCDMB) announced that the Africa Energy Bank (AEB) would commence operations before the end of the second quarter of 2025. 

Felix Ogbe, executive secretary of NCDMB, disclosed this during the Nigerian Oil and Gas Opportunity Fair (NOGOF 2025) on Wednesday, May 22, 2025.

Ogbe expressed confidence that the AEB will play a pivotal role in providing financial support to indigenous companies once fully operational.

Ghana and others oppose Nigeria's Interest African Energy Bank

Legit.ng earlier reported that as African oil-producing nations prepare to make a decisive choice regarding the establishment of Africa's inaugural energy bank, backed by an initial investment of $5 billion, dissent against Nigeria's proposal has intensified.

A coalition comprising Ghana, Egypt, South Africa, Benin Republic, Côte d'Ivoire, and Algeria has emerged in staunch opposition to Nigeria's bid to host the financial institution.

These nations have engaged in vigorous lobbying among influential stakeholders tasked with determining the bank's headquarters location.

Source: Legit.ng