Category: News

President Bola Tinubu has approved the long-awaited operational launch of the Regional Maritime Development Bank (RMDB), with Mr. Adeniran Aderogba appointed as its pioneer President and CEO. The Minister of Marine and Blue Economy, Adegboyega Oyetola, made the announcement on Thursday, describing the development as a historic breakthrough for West and Central Africa after a 16-year delay. The RMDB, originally conceived in 2009 by member states of the Maritime Organisation of West and Central Africa (MOWCA), is expected to fund key infrastructure and logistics projects across the sub-region. Oyetola praised President Tinubu’s decisive leadership in breaking the deadlock, noting that the bank’s takeoff aligns with the administration’s Renewed Hope Agenda. The RMDB will provide long-term funding solutions for projects including port development, fleet expansion, shipping logistics, and intermodal transport systems. “This is a moment of great significance for Nigeria and the entire sub-region,” Oyetola said, adding that the bank will boost regional integration and economic cooperation. Mr. Aderogba, who brings over three decades of experience in maritime finance and investment, previously held leadership roles at NIMASA, First Atlantic Bank, and MBC International Bank. He is also the founder of CLG Securities Limited and has led over $5 billion in structured finance transactions. A Fellow of ICAN and an alumnus of the University of Lagos, Aderogba’s appointment is seen as pivotal in steering the RMDB towards impactful delivery in the maritime sector.

BENIN CITY, MAY 22, 2025 — Governor Monday Okpebholo of Edo State has raised alarm over the severe economic impact of cultism and related violence, revealing that the state loses over $1 billion in potential investments annually due to insecurity. Speaking in Benin City on Wednesday, the governor decried the spate of cult-related killings and disruptions, warning that the violence is deterring investors, hampering tourism, and damaging the state’s economy. “Cultism has not only led to tragic loss of lives and property, but it has also discouraged much-needed investments and tourism, thereby slowing down economic growth,” Governor Okpebholo stated. Citing data from the Diaspora Commission, he noted that while Edo tops the list of states receiving the highest remittances from the diaspora, “95% of the repatriated funds end up in other states due to security fears. Our people are afraid to come home to invest.” He said cult-related violence over the past five years has resulted in a loss of disposable income, business closures, and a decline in tourism — all of which have undermined the state’s business environment. According to a statement by his spokesman, Fred Itua, the governor emphasized that critical infrastructure and commercial hubs have also suffered, with some enterprises forced to suspend or cease operations altogether. Governor Okpebholo, however, expressed optimism, noting that the state’s ongoing crackdown on cultism is showing results. “We have declared total war on cult-related activities and are seeing more stakeholders step up to support this cause,” he said. “Edo State has immense economic potential. We will not allow violence and cultism to define our future. The government is restoring peace, attracting investments, and repositioning our economy for sustainable growth.” He called on Edo indigenes, both at home and abroad, to support the state’s development by investing locally and working with the government to eradicate cultism and insecurity.

OSOGBO, MAY 22, 2025 — Three senators representing Osun State — Kamarudeen Oyewumi (Osun West), Olubiyi Ajagunla (Osun Central), and Francis Fadahunsi (Osun East) — have jointly declared their full support for President Bola Tinubu, praising his administration’s performance in economic reforms, infrastructure, and security. In a statement released on Wednesday, the lawmakers described President Tinubu’s leadership as “visionary and progressive,” citing what they claim are visible improvements in national security and food affordability. “There is no internal dissent; we stand as one,” they stated, affirming the Osun PDP Senators’ Caucus’ united backing of the President. However, their declaration was met with caution from the Osun State chapter of the Peoples Democratic Party (PDP). In a swift reaction, the party clarified that any formal political stance—particularly concerning the 2027 general elections—would be determined by Governor Ademola Adeleke. Speaking to the press, Osun PDP Director of Media, Oladele Bamiji, acknowledged the senators’ individual positions but emphasized that the party’s collective direction remains under the purview of Governor Adeleke. “The governor is the leader of the party in the state, and the party will defer to his guidance,” he said. Bamiji added that while the senators operate from Abuja and are entitled to personal decisions, any political alignment regarding Tinubu would ultimately reflect the consensus of the state PDP leadership and stakeholders. “Whatever decisions they have taken is subject to the general resolve of the party under whose umbrella they became Senators,” he noted. The development underscores internal political dynamics within the Osun PDP as the party navigates early maneuverings ahead of the 2027 elections.