Branch Comptroller of the Central Bank Of Nigeria (CBN), Port Harcourt, Mr. Tom George Ibiso, has cautioned members of the public against the selling of the Nigerian currencies, the Naira.

Ibiso said this in an interview with newsmen shortly after being inducted as fellow of the Nigerian Institute of Corporate Administration of Nigeria in Port Harcourt.

The induction took place during the 23rd Annual General Meeting of the institute in Port Harcourt.

“I encourage the public, please do not go about selling currencies that we give out for use”.

He also called on marketers to put the nation’s currencies into judicious use.

“I will appeal to marketers, please use it consciously so that we don’t keep changing our currencies over and over”, he said.

Ibiso, who commended the institute for the award, said the gesture will spur him to greater heights as far as his work was concerned in the CBN.

According to him, he would ensure the availability of the currencies: “I will make sure that currencies are as many  everywhere, that Banks are being given currencies and I encourage the public to not go about selling these currencies that we give out”.

The CBN Port Harcourt Branch Comptroller, who said he has been in public service for a long time, described the award as a big surprise, pledging not to disappoint the public.

By: John Bibor

The National Association of Government Approved Freight Forwarders (NAGAFF) has called for the deregistration of four associations with a request for the withdrawal of their Corporate Affairs Commission (CAC) certificates for national interest.

This follows what is perceived as an agenda to sabotage government reforms in the Marine and Blue Economy sectors,

NAGAFF said it had carefully observed recent actions by the Association of Nigerian Licensed Customs Agents,  (ANLCA), Association of Registered Freight Forwarders of Nigeria (AREFF),  National Association of Air Freight Forwarders and Consolidators (NAFFAC), and  National Council of Managing Directors of Licensed Customs Agents,  (NCMDLCA) since the appointment of the current Registrar of the Council for the Regulation of Freight Forwarding in Nigeria, CRFFN, Mr. Kingsley Igwe.

These groups have publicly aligned with a court judgment obtained by Mr. Lucky Amiwero of NCMDLCA in Suit No. FHC/L/CS/765/2018, claiming that CRFFN lacks the authority to regulate customs agents and collect Practitioner Operating Fee (POF), even when the CRFFN has appealed and filed a stay of execution, rendering the ruling unenforceable.

Speaking at a media briefing in Lagos, National President, NAGAFF, Chief Tochukwu Ezisi, said those who no longer believe in CRFFN’s mandate should exit the stage, adding that the government should investigate the economic and regulatory sabotage being carried out under the guise of activism.

He said: “These groups have often failed in their statutory financial obligations to CRFFN. ANLCA and NCMDLCA must align their identities with the new Nigeria Customs Service (NCS) Act 2023.

“We recommend that CRFFN consider the deregistration of these four associations and request the withdrawal of their CAC certificates in national interest.

“Despite these distractions, NAGAFF remains proud of the performance of the current Registrar. Under one year, he has shown exceptional leadership, including: expanding CRFFN’s funding beyond POF to improve financial sustainability; commenced the training of one thousand freight forwarders in 2025, a capacity-building initiative which has seen a successful training of 300 freight forwarders already; and driving digital modernization and stakeholder collaboration to strengthen CRFFN’s regulatory role.

“We hereby pass a vote of absolute confidence on the leadership of the CRFFN Registrar/CEO under the supervision of the Minister of Marine and Blue Economy, Adegboyega Oyetola.”

The real estate sector’s valuation and contribution to Gross Domestic Product (GDP) has climbed to N41.3tn, highlighting its rising contribution to the nation’s economy, according to data from the National Bureau of Statistics (NBS).

This contribution of Nigeria’s real estate sector to the economy surged to N41.3tn in 2024, making it the country’s third-largest economic sector, behind only trade and crop production.

Latest rebased Gross Domestic Product figures released by the NBS shows a significant upward revision of the sector’s economic value.

According to the data, before the rebasing, the sector was valued at N10.5tn in 2023. With improved methodologies and updated data capturing, the figure was revised to N30.7tn for the same year, representing a N20.2tn jump.

It further climbed to N41.3tn in 2024, underscoring the rapid expansion and growing influence of real estate in Nigeria’s economic structure.

The new data positions the real estate sector ahead of telecommunications (N23tn), construction (N13.8tn), and crude petroleum & natural gas (N13.1tn) as of 2023, highlighting its rising dominance in the non-oil economy.

According to NBS, the surge in value is driven by better valuation of assets and increased formalisation of property-related services such as rentals, broking, and land valuation, as well as the effects of rapid urbanisation across the country.

This development has received commendation from stakeholders of the real estate environment.

A real estate consultant, Jimi Peter, in reacting to this devepment, noted that the recent rebasing, which pushed Nigeria’s real estate sector GDP contribution to N41.3 trn should have been captured before now.

“This rebasing should have been captured long before now. However, as is often the case with rebasing exercises, for the data to be accurate and reliable, it requires time and a thorough consideration of multiple factors.

“If you look at the real estate industry in Nigeria, it’s clear that the sector comprises numerous value chains. It generates employment at virtually every level. Before a house can even be built, land must be acquired, usually from an individual or family.

“Then, professionals such as architects are engaged to produce designs, followed by structural engineers who supervise the integrity of the building process. These engineers in turn employ builders, plumbers, electricians, and various artisans, all of whom play integral roles.

“After construction, if you are a developer intending to sell, brokers and real estate agents, also known as realtors, become involved in marketing and selling the property.

“Once the sale is made, the new owner may choose to hold the property, resell it, or rent it out, again generating income for letting agents or facility managers.

“At every stage, someone is earning. In Nigeria, there’s a strong cultural value attached to land and homeownership. Owning property is widely seen as a benchmark of financial stability and success.

“Unlike in some advanced countries, where even wealthy individuals might choose to live in rented apartments, here in Nigeria, owning a home is almost a necessity. It’s a social marker. So, as long as people can afford to build or buy, they will pursue it”, he said.

By: Corlins Walter