3/30/2016

NigeriamovesnottoloseRegionalMaritimeBanktoDRCongoVanguardNews

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Nigeria moves not to lose Regional Maritime Bank to DR Congo

ON MARCH 30, 2016 12:53 PM / IN NEWS / COMMENTS
28

The Federal Government is making eorts to retain the

hosting right of the Secretariat of the Regional
Maritime Bank, presently being touted for Democratic
Republic of Congo.
The Chairman, Committee of Experts on the Regional Maritime Bank, Chief
Chris Orode, made the disclosure in an interview with the News Agency of
Nigeria (NAN) on Wednesday in Lagos.
He said that the Franco-phone countries were angling for the headquarters
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NigeriamovesnottoloseRegionalMaritimeBanktoDRCongoVanguardNews

of the bank to be ceded to Central Africa.

The maritime expert said that he had brought this to the attention of
government.
Orode said that government had started giving the regional bank serious
consideration.
According to him, Nigeria has the cargo trafc, the population and in a good
position to retain the Secretariat of the Regional Maritime Bank in Abuja.
Orode said that the bank would serve 25 countries from Angola to
Mauritania in the West and Central Africa.
25 countries constitute the Maritime Organisation of West and Central
Africa (MOWCA), a body that gave Nigeria the nal approval to host and
start the bank.
The idea to establish the regional bank was mooted at the Bureau of
Transport Ministers meeting in Angola in 2005 and Nigeria agreed to host
the headquarters.
The approval for Nigeria to host the banks headquarters came through the
13th General Assembly of MOWCA in Dakar, Senegal in July
2008 and it also had the Late President Umaru YarAduas approval in
February 2009.
There was also another resolution of the 14th General Assembly of MOWCA
on August 2011 in Kinshasa, Democratic Republic of Congo, which sealed
the approval.
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Since February 2012, calls were being made to the Federal Ministry of
Transportation and the Federal Government to provide nancial
commitment` essential for the banks take-off.
The delay is the lack of the pre-incorporation funds which would form part
of Nigerias equity contributions to the banks project.
As at today, nancial and legal consultants had been appointed and the
banks secretariat had been accumulating rents without operation.
NAN reports that the regional bank is a sub-regional initiative supported by
multilateral agencies like the World Bank, African Development Bank (ADB)
and European banks.
MOWCA had made initial contacts with the agencies and the agencies were
waiting for the take-off of the banks secretariat to take the project to the
next level.
28

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2,000,000

7,332,000

4,500

118,000

21,999

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