After several false starts, the much awaited, and talked about West and Central African Regional Maritime Development Bank has anchored in Abuja. Thanks to President Bola Ahmed Tinubu ,and Marine and Blue Economy Minister, Adegboyega Oyetola, for making this 16 year old dream come true. Only about three weeks ago, I had revealed in my weekly Marine and Blue Economy Digest column that Minister Oyetola was on the path of history.
I had predicted that contrary to what sceptics think about him as a “non performer “, Chief Oyetola was silently pulling some strings that would place him as the best Minister this sector had ever produced since Independence. In that piece, I had explained that given the landmark achievements he had recorded in just under a period of two years, it is obvious that he was likely to prove all doubting Thomases wrong and stamp his name is gold. I had hinged my submission on two very critical issues that would change the face of Nigeria’s Marine and Blue Economy.
One was the passage of the Ports and Shipping Economic Regulation Bill which is awaiting Presidential assent,while the second is the disbursement of the controversial Cabotage Vessel Financing Fund, CVFF, which is scheduled to commence in August, all things being equal.I know of some Ministers who spent between 4, 5 and even 8 years in this sector, none is likely to achieve Oyetola’s feat. No wonder President Bola Ahmed Tinubu is seemingly reluctant to release him for the Osun Governorship race. The idea is to allow finish the good work he has started at the Ministry of Marine and Blue Economy. And to prove that he means business, President Bola Ahmed Tinubu has appointed a former Executive Director at the Nigerian Maritime Administration and Safety Agency, Adeniran Aderogba, as the pioneer Chief Executive Officer of the bank.
The idea of a Regional Maritime Development Bank was first mooted in 2009 by member States of the Maritime Organisation of West and Central Africa, MOWCA. The MOWCA scribe ,Dr Paul Adalikwu of Nigeria ,who commended Mr President’s assent to the Regional Development Bank said the bank will not only increase African Continental fleet, but will also encourage intra African trade as it is hoped that the bank will facilitate single digit interest loans to provide a leeway for key players in the sector and enable them compete favourably with their international counterparts.
It is believed that no fewer than 9 member states of MOWCA have signed into the charter establishing the bank, and with the expectation that more states would embrace and join the charter in the months ahead. Under the charter, the Secretariat,President and Secretary of the Bank is ceded to Nigeria, while the First and Second Vice Presidents are ceded to Cameroon and Ivory Coast respectively . ” This is a moment of great significance for Nigeria and the entire West and Central African sub region “and elated Oyetola was quoted as saying. He continued, ” After 16 years of waiting, the Regional Maritime Development Bank is finally taking off, thanks to decisive leadership of President Bola Ahmed Tinubu “, he concluded.