The Minister of Marine and Blue Economy, Adegboyega Oyetola, has officially announced that President Bola Tinubu, has approved Nigeria’s hosting of the long-awaited Regional Maritime Development Bank (RMDB, as well as the appointment of Adeniran Aderogba, as the bank’s first president and chief executive officer (CEO).
This approval marks the historic launch of a project originally initiated in 2009 when member states of the Maritime Organisation of West and Central Africa (MOWCA) first approved the establishment of the RMDB. The project experienced a 16-year delay before it could become operational, a hurdle that Tinubu’s leadership has now overcome, providing a significant boost to the maritime sector in the West and Central African sub-region.
Speaking on the development, Oyetola described the event as “a moment of great significance for Nigeria and the entire West and Central African sub-region.” He emphasised that the bank’s take-off after 16 years of delay reflects the decisive leadership of 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 added.
The Regional Maritime Development Bank is designed as a dedicated financial institution focused on providing long-term funding solutions for key maritime sectors. These include port infrastructure development, fleet acquisition, shipping logistics and intermodal transport systems. The bank is a vital component of Tinubu’s broader ‘Renewed Hope’ agenda, which prioritises infrastructure growth, inclusive economic development and enhanced regional partnerships.
Oyetola highlighted the capabilities and experience of Aderogba, noting that he brings over 30 years of strategic expertise in maritime administration, finance and investment. “His appointment is a bold and competent choice that will guide the bank from its conception phase to impactful delivery,” the minister stated.
Aderogba’s career spans both public and private sectors. He previously served as executive director, finance and administration at the Nigerian Maritime Administration and Safety Agency (NIMASA) and acted as the agency’s director-general. In the private sector, he held senior leadership positions at First Atlantic Bank Plc and MBC International Bank Ltd, managing investment banking and structured trade finance portfolios.
Additionally, Aderogba is the founder of CLG Securities Limited, a financial advisory and investment services firm. Throughout his career, he has led transactions totalling over US$5 billion across diverse sectors, including some landmark deals recognised on an international scale. He began his career with the auditing and consulting firm KPMG, which laid the foundation for his expertise in financial consulting.
Recognised as a thought leader in financial markets, Aderogba has contributed to Nigeria’s financial infrastructure by helping introduce critical market instruments 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) and a graduate of the University of Lagos. Currently, he also serves on the advisory board of the Commonwealth Enterprise and Investment Council.
Oyetola stated that the appointment of Aderogba and the formal operationalisation of the RMDB are expected to catalyse development, increase regional trade and unlock funding for essential maritime infrastructure projects.
“This achievement is a testament to President Tinubu’s unwavering resolve to deliver on long-standing commitments and drive transformative change across the region,” the minister added.
The appointment of Aderogba was officially communicated to him through the office of the director, maritime safety and security, Babatunde Bombata.
With Nigeria as the host nation and Mr. Aderogba’s seasoned leadership, the Regional Maritime Development Bank is now positioned to become a key engine for regional growth, connectivity and economic prosperity in West and Central Africa.
