Regional Maritime Development Bank takes off with Aderogba as CEO

President Bola Ahmed Tinubu, has approved Nigeria as the host country for the Regional Maritime Development Bank (RMDB) and appointed Adeniran Aderogba as its first President and Chief Executive Officer ending a 16-year delay since its conception.

Adegboyega Oyetola, Minister of Marine and Blue Economy, disclosed this according to a statement signed by Bolaji Akinola, Media and Communications Adviser to the minister.

The Regional Maritime Development Bank (RMDB), also known as the Regional Maritime Bank, is a proposed financial institution intended to facilitate maritime development in West and Central Africa. It was conceived by the Maritime Organisation of West and Central Africa (MOWCA).

The establishment of the RMDB marks a significant milestone for Nigeria and the wider West and Central African sub-region, it is also considered a vital tool for accelerating maritime development in the region and providing easier access to financing for related projects.

The idea for the bank was first endorsed in 2009 by member states of the Maritime Organization of West and Central Africa (MOWCA), but its implementation had been stalled until now.

“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,” Oyetola said

He explained that RMDB is envisioned as a specialized financial institution that will provide long-term funding solutions for critical maritime infrastructure, including port development, fleet acquisition, logistics, and multimodal transport systems.

According to him, the initiative aligns with President Tinubu’s Renewed Hope Agenda, which emphasizes infrastructure expansion, inclusive economic growth, and stronger regional partnerships.

Adeniran Aderogba, a seasoned maritime and finance expert with over three decades of experience, has been entrusted to lead the bank. His appointment, according to the Minister, reflects a “bold and competent choice that will steer the bank from conception to impact,”