The Minister of Marine and Blue Economy, Adegboyega Oyetola, has announced that President Bola Ahmed Tinubu has approved Nigeria as the host country for the long-anticipated Regional Maritime Development Bank (RMDB), and has appointed Nigerian maritime expert Mr Adeniran Aderogba as the institution’s first President and Chief Executive Officer.
This landmark approval signals the formal launch of a project that has been on the drawing board since 2009, when member states of the Maritime Organization of West and Central Africa (MOWCA) endorsed the creation of a dedicated financial institution to support the region’s maritime sector.
With this decision, the prolonged delay in operationalising the RMDB has come to an end, as President Tinubu moves to deliver on another long-pending regional initiative, injecting new momentum into maritime development efforts across West and Central Africa.
“This is a moment of great significance for Nigeria and the entire West and Central African sub-region,” Minister Oyetola stated.
“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 unlocks a longstanding impasse but also reinforces Nigeria’s dedication to regional integration, maritime progress, and economic cooperation.”
The RMDB is envisioned as a strategic financial institution that will offer long-term funding for port infrastructure, fleet acquisition, shipping logistics, and integrated transport systems.
It is one of the flagship projects aligned with the President’s Renewed Hope Agenda, which prioritises infrastructure renewal, broad-based economic development, and stronger regional ties.
Minister Oyetola described Mr Aderogba’s appointment as both bold and capable, saying he brings over 30 years of high-level experience spanning maritime administration, finance, and investment strategy.
Mr Aderogba has held senior leadership roles in both the public and private sectors. He previously served as Executive Director of Finance and Administration at the Nigerian Maritime Administration and Safety Agency (NIMASA), before being appointed Acting Director General of the agency. In the banking sector, he was a top executive at First Atlantic Bank Plc and MBC International Bank Ltd, where he led investment banking and structured trade finance operations.
He is also the founder of CLG Securities Limited, a financial advisory and investment firm. Throughout his career, he has overseen transactions valued at more than US$5 billion across a range of industries, including deals that have earned global recognition.
Mr Aderogba began his professional journey with KPMG, where he built a foundation in auditing and financial consultancy. A thought leader in Nigeria’s financial ecosystem, he played a pivotal role in developing key financial benchmarks such as the Nigerian Inter-Bank Offered Rate (NIBOR) and the Nigerian Foreign Exchange Fixing (NiFEX).
He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), an alumnus of the University of Lagos, and currently serves on the advisory board of the Commonwealth Enterprise and Investment Council.
“The appointment of Mr Aderogba and the official takeoff of the RMDB will serve as a catalyst for development, enhance regional trade, and unlock critical funding for maritime infrastructure,” Minister Oyetola added. “This milestone further reflects President Tinubu’s firm commitment to fulfilling longstanding regional obligations and delivering transformative results.”
Mr Aderogba’s appointment was formally conveyed through the office of the Director of Maritime Safety and Security, Mr Babatunde Bombata.
With Nigeria now confirmed as the host country and an experienced professional at the helm, the Regional Maritime Development Bank is set to emerge as a key instrument in driving economic growth, enhancing connectivity, and fostering shared prosperity across West and Central Africa.
