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CBN’s Cardoso  Assures Nigeria ‘ll Get Out of Economic Woes

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has expressed optimism that despite all the difficulties, there is light at the end of the tunnel, “As long as the country can sustain a positive trajectory, Nigeria will get out of its economic woes and the foreign exchange market will begin to moderate itself.”

Csrdoso expressed this conviction during the opening ceremony of the 2024 First Plenary Assembly of the Catholic Bishops Conference of Nigeria (CBCN) with the theme, “Synod on Synodality: Areas of Concern for the Church in Nigeria.”

The banker blamed the high inflation rate in the country on so much liquidity in the market, and noted that as a result of some of the recent efforts of the CBN, over the course of the last week, about $1.8 billion came into the markets.

The CBN Governor said that in another week, the Apex Bank will have the Monetary Policy Committee meeting, where very critical decisions will be made to continue making the economy more investor-friendly.

He also said that an attempt to merge the outside rates with the official rates and the black market rate has been made, and that the difference between the two is now significantly lower.

Cardoso said, “There is a positive outlook on that. The positive outlook comes from the fact that a series of reforms have been made by the Federal Government and the Central Bank, which are now paying off in such a way that international investors are coming back in again.”

The President of CBCN, Archbishop Lucius Ugorji, said the country is experiencing the worst times, especially in the areas of security and the economy during the administration of President Bola Tinubu.

He stated that the reform agenda of the Federal Government has worsened the plight of Nigerians, with the withdrawal of fuel subsidies and the unification of the foreign exchange market, leading to a sharp increase in the pump price of petroleum products and a steep decline in the value of the Naira.

He said as the government demands additional sacrifice from the struggling masses, there should be a drastic cut in the cost of governance at all levels, adding that on the contrary, top government officials live by the sweat, toil and tears of the poor as they continue spending huge public funds on ostentatious and luxurious lifestyles and seem incapable of feeling compassion for the poor.

Every day, outrageous and spine-chilling stories are told in the media about different public servants who have stolen staggering amounts of money from public coffers in a country where millions of citizens live in deep and debilitating poverty.

“We cannot easily overlook the sordid roles of many fraudulent politicians and Bank Executives in fleecing the whole nation and destroying our national economy through the dirty game of corruption, causing untold hardship and untimely deaths across the nation,” said Archbishop Ugorji.

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FG collected N6.9 billion mining fees across Nigeria in Q1 2025 – Dele Alake

Alake disclosed this via his official X page on Monday.

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The Minister of Solid Minerals Development, Dr. Dele Alake, has announced that in Q1 2025, the federal government collected N6,957,826,200 in mining fees across Nigeria.

Alake disclosed this via his official X page on Monday.

“I am pleased to share some exciting developments in the mining sector; in the first quarter of this year, the Federal Government collected an impressive N6,957,826,200 in mining fees and registered 118 new private mineral buying centers,” he stated.

Source: Nairametrics.

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The Untapped Wealth in Inherited Family Lands: Turning Ancestral Property into Profitable Real Estate Investments in Nigeria by Dennis Isong

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In Nigeria, we often hear things like: “That land in the village belongs to my grandfather.”

“Our family land has been there since I was a child.” “We just leave it there. Nobody touches it.

“What if I told you that the land you inherited from your father, grandfather, or even great-grandmother might just be sitting on gold — not literal gold, but real estate potential that could start making you money today?

Let’s break it down.

1. The Emotional vs Economic Value of Inherited Land

Many families in Nigeria attach deep emotional and cultural value to ancestral land.

It’s a symbol of roots, heritage, and continuity. But while emotions are valid, leaving valuable property to gather bush and termites does not honor the legacy — it stagnates it.

Ancestral land should not just be a memory bank; it should be a financial engine.

2. Common Myths That Keep Family Lands Idle

Let’s address the biggest myths: “It’s just bush, what can I do with it?” That bush is someone’s dream site for a school, farm, event center, or warehouse.

“We don’t want to sell our heritage.” Who says you must sell it? You can lease, rent, or build and still retain ownership.

“There’s a land dispute in the family.”

Then resolve it. Land conflict delays wealth. Engage a legal mediator and document ownership properly.

“It’s in the village, nobody will rent there.” These days, villages are turning into towns. Many urban workers are relocating to semi-rural areas because of cost and quiet.

People now work in the city and sleep in the village.

3. Real Possibilities:

What You Can Do With Inherited Land

Let’s talk about how to transform that “useless” land into profit:a) Agribusiness Lease

If you don’t have money to farm it yourself, lease the land to an agro-entrepreneur. Nigeria’s food needs are rising, and farmland is gold.b)

Event Center or Open Space Rental

Got family land with space? Flatten it, clear it, fence it, and start renting it out for weddings, parties, and church crusades.

Rural areas love open-air events.c)

Build Low-Cost Housing for Rent

Build a few 1-bedroom bungalows or mini-flats.

People are moving to outskirts like Ikorodu, Mowe, and Ifo. Affordable housing is in demand. d )

Warehouse or Storage Facilities

Urban traders need warehouse space in cheaper locations. Rural lands close to main roads are perfect for this.e)

Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?

Partner with Developers

You bring the land, they bring the money. A good joint venture agreement can turn idle land into profit-yielding property while you still retain your rights.

4. Legal Steps You Must Not Ignore Before you do anything, please make sure of the following:

Proper Documentation: Make sure the land has a Deed of Assignment, survey plan, and preferably a Certificate of Occupancy or Governor’s Consent if within a government-acquired zone.

Family Agreement:

If it’s a family land, gather everyone and get a written agreement to avoid “wahala” later.

Registered Company (Optional): Consider registering a business to manage the land, especially if you’re building rentals or leasing. Get a Lawyer: Never cut corners.

A good property lawyer will save you stress, especially for joint ventures or leasing contracts.

5. True-Life Example: From Bush to Blessing.

Mr Tunde inherited a 2-acre land in Ilaro, Ogun State. For 10 years, it was just a yam farm.

In 2022, he cleared it, fenced it with blocks, built a borehole, and put plastic chairs under canopies. He started renting it out as an event ground. Today, every Owambe weekend earns him 100k-200k. All from “just family land.” Imagine that.

6. From Liability to Legacy

Family lands can move from being a burden to being a blessing.

Instead of leaving the land idle and arguing over it during Christmas family meetings, why not take charge and begin something that creates cash flow?

Think of it this way: Instead of telling your children, “This land belongs to your grandfather,”

You can say: “This property feeds our family today, and will feed yours tomorrow.”

7. Final Thoughts

It’s time to change our mindset. Not all real estate investment starts with buying new land. Sometimes, the land has already been given to you — free of charge.

The true investment is in your vision.Don’t wait till that land becomes an illegal dump site or is taken over by “omo onile” drama.

Begin today. Inspect it. Clear it. Value it. Use it. Your next real estate breakthrough might be hiding in your father’s backyard.

And if you ever need someone to help you inspect, plan, or connect you to builders, surveyors, or developers… you know who to call — Me, the real estate preacher with a sprinkle of bush-to-business miracles!

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CBN warns BDCs, banks to tighten compliance on anti-money laundering, counter-terrorism regulations

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The Central Bank of Nigeria has warned licenced Bureau De Change Operators and financial institutions in the country against violating its anti-money laundering and counter-terrorism financing framework.

The apex bank issued this warning in a circular signed by its director of compliance department, Amonia Opusunju on Thursday.

CBN vowed to impose sanctions on BDC operators who failed to adhere to its regulatory framework.

“BDC operators are reminded that they are required to fully comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022; the Terrorism (Prevention and Prohibition) Act, 2022; and the Regulatory and Supervisory Guidelines for Bureau de Change Operators in Nigeria, 2024,” CBN said.

“Any other relevant laws, regulations, and guidelines issued by the CBN and Nigerian Financial Intelligence Unit (NFIU).

“All BDCs are advised to ensure that their operations, staff training, transaction monitoring, and customer onboarding procedures are always fully compliant with applicable requirements,” the apex bank said.

Similarly, CBN also urged all financial institutions in Nigeria to tighten compliance with both domestic and international sanction lists, including the United Nations Consolidated Sanctions List and the Nigerian Sanctions List, in line with the Terrorism (Prevention and Prohibition) Act 2022 and others.

“Financial institutions are required to maintain a robust and dynamic sanctions compliance framework that enables them to identify and respond promptly to updates or changes across all applicable sanctions lists; prevent the use of their systems and platforms for transactions involving designated individuals or entities; conduct real-time screening of customers, transactions, and beneficial owners; and file appropriate reports with the Nigerian Financial Intelligence Unit and notify the CBN, where necessary,” the circular partly reads.

Recall that on February 27, 2024, the financial regulator approved the sale of foreign exchange (FX) to BDC operators, reversing its decision to halt FX sales to the BDCs in 2021.

Meanwhile, on February 6, 2025, the apex bank introduced new regulations limiting BDC operators to purchasing a maximum of $25,000 per week from a single bank.

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