Business
Nigeria to begin Regional Maritime Bank in 90 days
Adebayo Obajemu
As part of a bid to increase the African Continental fleet the Federal Government of Nigeria has finalised arrangements to begin operation of the Regional Maritime Development Bank in the next three months (90 days).
It should be noted that the head office and headship of the Bank has also been conceded to Nigeria.
The Minister of Transportation, Engr. Mu’azu Sambo, said that the Ministry was hopeful that the Bank will start operations within 90 days as the Ministry would have been able to secure accommodation to enable the take-off of the Bank.
According to Mu’azu, “When I resumed here, I realised immediately that the Regional Maritime Bank is one of the lowest hanging fruits that we can achieve within a very very short time. Infact 90 days is too long”.
He stated that all efforts to get the Central Bank of Nigeria, CBN, to assist with office accommodation for the Regional Bank has not produced positive outcome, in view of this, he stated, he will approach the Attorney General of the Federation to see if one of the forfeited properties can be allocated to the bank.
Speaking earlier, the Secretary General of MOWCA, Dr. Paul Adalikwu, said that the idea of a Regional Maritime Development bank, RMDB, was conceived 11 years ago to facilitate single digit interest loans to provide leeway to key players in the sector and enable them to compete favourably with their international counterparts.
According to Adalikwu, “8 countries have signed the Charter as required in the document establishing the bank. Two weeks ago, DRC Congo also signed making it 9 countries. One above the threshold required for the establishment of the Act”.
MOWCA scribe informed that the organogram of RMDB as adopted by council members had positions of President of the body, Company Secretary and a seat on the board ceded to Nigeria while Cameroun is to produce the Vice President 1, and Ivory Coast, Vice President 2, adding that other members countries are to provide board members for the Maritime bank.
