Regional Maritime Development Bank: Nigeria gets approval

Regional Maritime Development Bank: Nigeria gets approval

Member-nations of Maritime Organisation of West and Central Africa (MOWCA) have given final approval to Nigeria to start preparing for the take-off of the Regional Maritime Development Bank (RMDB).

A source in the Federal Ministry of Transport said on Friday in Lagos that all necessary approvals had been given for the bank to take off.

Take-off

It said that the General Assembly of MOWCA had ratified the take-off of the bank and that the Bureau of Transport Ministers had just approved all actions so far taken by the Federal Ministry of Transport.

“All the 25-member countries constituting MOWCA are looking up to Nigeria for the take-off of the project,” the source said.

It was gathered that some far-reaching decisions for the take-off of the project were taken at a meeting of transport ministers in the sub-region, held in Dakar between April 11 and 13.

“One of the decisions taken was the approval given by MOWCA to the Nigerian Minister of Transport for the immediate take-off of the project secretariat,” it said.

Appointments

At the meeting, the appointment of a project coordinator or head was ratified.

The meeting also approved the appointment of financial and legal consultants.

Initial equity contributions

The fourth approval was that all the funds committed for the consultants, the renting of offices, transit quarters (guest houses) and the running of the Secretariat will form part of Nigeria’s initial equity contributions.

The source said: “Every member country in MOWCA is entitled to the first tranche of one per cent each of the 25 per cent of the total shares.”

Leasing

The source said it was worrisome that the secretariat and transit quarters of the bank in Abuja had been leased and were accumulating rents in the last one year.

NAN/Shakira