Business
Regional Maritime Bank Takes Off In Abuja
The Maritime Organisation of West and Central Africa (MOWCA) Bank will soon start operations in Abuja.
Chief Chris Orode, a member of the bank’s implementation committee, disclosed this to The Tide source in Lagos on Wednesday.
He described the choice of Nigeria as headquarters of the bank as good one.
Orode said the project office of the bank in Abuja was collaborating with some legal and financial consultants in establishing a business plan for the take-off of the bank.
He said that the business plan would guide decisions in recruiting the bank’s personnel and all the necessary logistics that would aid eventual take-off of the bank.
Orode said that MOWCA Secretary–General, Mr Magnus Addico, would brief Nigeria’s Minister of Transport, Alhaji Yusuf Sulaiman, on the time-frame for the take-off of the bank in May.
According to him, Nigeria has indicated interest to host the headquarters of the bank because it controls more than 60 per cent of cargo traffic in the sub-region.
The Tide source recalls that the choice of Abuja as the headquarters of the bank was a unanimous decision at the 13th MOWCA General Assembly of Ministers.
The meeting tasked MOWCA secretary general to take necessary initiatives to facilitate participation of all members states in the regional bank.
MOWCA said that it was ready to harness a large capital outlay from maritime institutions and ports in the sub-region to establish the bank.
It said that the intention was to provide sustainable financing for development of maritime, port sector and transportation in the sub-region.
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