World
Nigerian to Head Regional Maritime Development Bank
By Adedapo Adesanya
The headquarters of the proposed Regional Maritime Development Bank (RMDB) will be in Nigeria following the 12 per stake in the financial institution.
RMDB is being proposed to replace the Maritime Development Bank of Nigeria (MDBN) and Nigeria is playing big in the process, with the presidency ceded to the self-acclaimed giant of Africa, supported by the 25 countries that make up the Maritime Organization for West and Central Africa (MOWCA).
At the just-concluded public hearing on some maritime bills organised by the House of Representatives Committee on Maritime Safety, Education and Administration, the Director of Legal Services at the Federal Ministry of Transport, Mr Pius Oteh, said that the entire members of MOWCA in 2011 agreed to have a $1 billion as the capital base of the bank.
Mr Oteh said that the establishment of a maritime bank in Nigeria would have sent a wrong signal to other countries that are already committed to the formation of the RMDB.
“There is an agreement that dates back to 2011 where the Transport Ministers in West and Central Africa approved and ratified that the various governments of Maritime Organization for West and Central Africa. But for some period, there was no serious follow up on these decisions until about four years ago, we have re-energized this process.
“Countries have signed the charter to the bank, and we have enough number of countries to activate the process of the bank, as at this time processes are going on.
“The headquarters of the bank will be in Nigeria; the other 24 countries have conceded to that, and they have also agreed that a Nigerian will be the President of the bank. But it is going to be a private-public sector-driven bank, so the states in the two sub-regions of West and Central Africa collectively have 51 per cent of the shareholding of the bank given to the MOWCA states and these shares were allotted to them on the basis of the volume of trade and so naturally, Nigeria has the lion share of 12 per cent and the other 49 per cent will be for institutional investors.
“More like African Import Bank AFREXIM has shown a lot of interest, we have quite o lot of institutional investors particularly, within member countries who want to be part f the bank.
“Like I said, Dr Paul Adalikwu, a Nigerian, who is the current Secretary-General of MOWCA, has been given the mandate to follow the process and ensure that the bank takes off as quickly as possible. Hopefully, within this year.
“As a matter of fact, the Federal Ministry of Transportation is currently engaged in discussion with the Central Bank of Nigeria (CBN) for some assistance with respect to office spaces and all that.”
He said that with Nigeria at the helm of affairs, the country would be able to push its strides as a cooperative country.
“The point we are making is that having gone that far, having reached an agreement with sister countries in the two sub-regions, we will like to continue and conclude that process as quickly as possible and push ahead with the Nigerian initiative.
“It is likely to bring a wrong impression that we are no longer fully committed to the Regional Maritime Development Bank that is why we used that language that we should step down the Nigerian initiative and at the appropriate time, there is nothing wrong in having a domestic Maritime Development Bank.
“Given how far we have come with the Regional Maritime Development Bank and properly structured, the Bank will give Nigerian a wider playing field and more access to funds in terms of pulling funds from 25 countries instead of from a single country. So we think it is an initiative we should pursue to a conclusion before we take up any new initiative.
‘‘We are looking at one billion Dollars as capital base of the Bank.
Prior to this latest development, other stakeholders in the maritime industry kicked against the establishment of the Maritime Development Bank of Nigeria saying that it will be a waste of funds.
World
Africa Takes Centre Stage as Addis Ababa Hosts the World Public Summit
By Kestér Kenn Klomegâh
For the first time in its history, the World Public Summit will be held on the African continent. On 29–30 July 2026, Addis Ababa, the capital of Ethiopia, will host the World Public Summit. Africa — “A New World: Africa in Shaping a Shared Future.”
The Summit is organised by the World Peoples Assembly in cooperation with African partner organisations. It will bring together leaders of public diplomacy, representatives of international intergovernmental and non-governmental organisations, academics, experts, representatives of the education and cultural sectors, youth leaders, socially responsible businesses, media professionals, and civil society institutions from across Africa and other regions of the world.
The World Public Summit. Africa continues the work initiated during the First World Public Assembly “A New World of Conscious Unity,” held in Moscow in September 2025, and serves as one of the key milestones in preparation for the Second World Public Assembly “A New World: Values That Unite,” which will take place in Moscow on 18–19 September 2026.
Today, Africa is emerging as one of the principal centres of global development. Rapid demographic growth, expanding entrepreneurship, strengthening regional integration, rich cultural heritage, and the growing role of civil society institutions make the continent an increasingly important contributor to the future architecture of international cooperation.
The Summit will focus on issues of genuine sovereignty and sustainable development, public diplomacy, preservation of cultural and historical heritage, international cooperation in education and science, youth engagement, innovation-driven development, creative industries, and the formation of new partnerships among countries and peoples.
The main business programme of the Summit will take place on 30 July 2026 at the headquarters of the United Nations Economic Commission for Africa (UNECA) in Addis Ababa. Holding the Summit at UNECA highlights its pan-African dimension and creates opportunities for broad international dialogue on humanitarian cooperation and public diplomacy.
The programme will include plenary sessions, strategic dialogues, and expert panels dedicated to values-based development, education, culture, youth leadership, innovation, and international cooperation.
Participation has already been confirmed by Professor Saidou Madougou, Director of the Department of Education, Science, Technology and Innovation of the African Union; Rita Bissoonauth, Director of the UNESCO Liaison Office to the African Union and UNECA in Addis Ababa; Zuzana Schwidrowski, Director of the Macroeconomics, Finance and Governance Division of UNECA, as well as ministers, leaders of public organisations, and representatives of the business community from a number of African countries.
On the same day, the ADWA Victory Memorial Museum—Ethiopia’s national memorial complex dedicated to the Victory of Adwa and an important centre for preserving the historical memory of the Ethiopian people—will host the award ceremony of the regional stage of the V International Competition “Leader of Public Diplomacy”, followed by a large-scale cultural programme.
One of the key outcomes of the Summit will be the adoption of the African Communiqué, reflecting proposals and recommendations aimed at strengthening humanitarian, educational, cultural, and public cooperation between African countries and other regions of the world.
The outcomes, initiatives, and recommendations were developed during the World Public Summit. Africa will be presented at the Second World Public Assembly “A New World: Values That Unite”, to be held in Moscow on 18–19 September 2026.
According to Andrey Belyaninov, General Secretary of the World Peoples Assembly, “the Addis Ababa Summit is an important step toward building a new world founded on mutual respect, cultural diversity, dialogue and sustainable development.”
World
UK Set for Seventh Prime Minister in 10 Years as Keir Starmer Resigns
By Adedapo Adesanya
The United Kingdom will get its seventh Prime Minister in 10 years as Mr Keir Starmer announced his resignation on Monday.
The Minister said he is stepping down as leader of the governing Labour Party and will leave office within weeks, scarcely two years after being elected in a landslide.
Mr Starmer says he will remain caretaker prime minister until a new Labour leader is chosen by the party.
Mr Starmer made the announcement after facing growing pressure to hand over to a new leader who can try to revive the government’s flagging fortunes.
He led Labour to a landslide election victory in July 2024, but since then, his popularity and that of the party have plummeted.
His departure was triggered by the victory of Mr Andy Burnham in a special election last week. The popular ex-mayor of Greater Manchester planned to challenge the existing PM for the Labour leadership.
Mr Starmer made the announcement outside the prime minister’s 10 Downing St. residence with a brief statement on Monday.
“The question my party is asking now is whether I am best placed to lead us into the next general election,” Mr Starmer said. “I have heard the answer of my parliamentary party to that question, and I accept that answer with good grace.
Mr Starmer is the sixth prime minister in a decade to stand outside 10 Downing Street and announce a premature departure.
It comes the day before Britain marks the 10th anniversary of its vote to leave the European Union, a decision that still affects the country’s economy and politics.
Over the past decade, 10 Downing Street has had six occupants, including Mr David Cameron, who left office in 2016 after the Brexit referendum and was succeeded by Ms Theresa May. She was followed by Mr Boris Johnson, whose tenure covered Brexit and the COVID-19 pandemic. After Mr Johnson came Ms Liz Truss, whose 49-day premiership was the shortest in British history. Mr Rishi Sunak then took office before being succeeded by Mr Starmer, the outgoing occupant of Number 10.
World
AXIAN Energy Secures $60m for Expansion Across Africa
By Aduragbemi Omiyale
A financing facility of up to $60 million has been secured by AXIAN Energy, the energy division of the AXIAN Group.
The funding package was provided by MCB, one of the leading financial institutions in the Indian Ocean region.
It comprises a $40 million revolving credit facility with a three-year tenor and extension option, and $20 million in unfunded instruments, providing AXIAN Energy with enhanced financial flexibility, enabling the company to rapidly mobilise resources and seize development opportunities across its target markets.
The energy firm is expected to use the capital to deliver large-scale energy infrastructure projects across Africa.
Over the past two years, AXIAN Energy has significantly accelerated its growth by expanding its renewable energy project pipeline, with solar projects currently under development in Senegal, Benin, Zambia, Côte d’Ivoire, Madagascar, and Burkina Faso.
Building on this momentum, AXIAN Energy now operates a portfolio comprising 350 MW of installed renewable energy capacity, supported by 77 MWh of energy storage capacity, positioning the AXIAN Group as a major contributor to Africa’s energy transition.
The chief executive of AXIAN Energy, Mr Benjamin Memmi, said, “This transaction marks a key milestone in AXIAN Energy’s growth trajectory. It provides us with the financial capacity to sustain the momentum we have built over the past two years, further strengthening our renewable energy portfolio and expanding our presence across new African markets.”
Also commenting, the Global Head of Structured Finance at MCB, Mr Mathieu Delteil, said, “We are proud to support AXIAN Energy in structuring this facility, reaffirming our commitment to enabling transformative projects across Africa.
“By leveraging our sector expertise and deep understanding of regional markets, we have delivered a tailored financing solution that aligns with AXIAN’s long-term renewable energy ambitions.
“This partnership highlights our role as a strategic financial partner, mobilising capital towards investments that drive sustainable growth and accelerate the energy transition across the continent.”
The financing agreement between the two organisations strengthens their long-standing relationship because it is driven by a shared commitment to supporting infrastructure development and economic growth across Africa.
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