Nigeria Moves Not to Lose Regional Maritime Bank to DR Congo - Vanguard News

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3/30/2016 Nigeria moves not to lose Regional Maritime Bank to DR Congo - Vanguard News

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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

The Federal Government is making eorts to retain thehosting right of theSecretariat of the RegionalMaritime Bank, presently being touted forDemocratic

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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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 toMauritania 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 inFebruary 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.

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Nigeria Moves Not to Lose Regional Maritime Bank to DR Congo - Vanguard News