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).
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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,”
Aderogba’s career spans both the public and private sectors. He previously served as Executive Director of Finance and Administration and later Acting Director General at the Nigerian Maritime Administration and Safety Agency (NIMASA). In the banking sector, he held senior roles at First Atlantic Bank Plc and MBC International Bank Ltd, overseeing investment banking and structured trade finance.
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He is the founder of CLG Securities Limited, a financial advisory firm, and has led transactions exceeding US$5 billion across multiple sectors. A Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and a University of Lagos alumnus, Aderogba began his career at KPMG and currently serves on the advisory board of the Commonwealth Enterprise and Investment Council.
Commenting on the impact of the new bank, Oyetola stated, “The appointment of Aderogba and the operationalization of the RMDB will catalyze development, boost trade, and unlock funding for critical maritime infrastructure. This achievement is yet another testament to President Tinubu’s unwavering resolve to deliver on long-standing commitments and drive transformative change across the region.”
