Floods are naturally occurring phenomena that are part of the physical and biological process which have shaped our nation’s landscape. It is a seasonal phenomenon in Nigerian environment and manifest when there is prolonged rainfall. In most cities in the Niger Delta, Nigeria and the rest of the world, the flood situation is worsening. Flood plains and wet lands are delicate ecosystem that should be effectively managed to control the menace of flooding. Flood plains are synonymous with wetlands. Wet lands are lands that have been saturated with water and capable of encouraging surface flow and flooding. The present paper reviews the management principles of flooding in a wetland. In Nigeria the issue of management of wetlands and flood plains has become very necessary and worrisome, because of the various havocs caused by flooding in different parts of the country over the past decades. During each flooding occurrence, lives are lost and properties worth lots of money destroyed. Flooding have affected property values, as flood prone properties remain in the market longer, when offered for lease or sale compared to flood free properties. Survey on household losses on flooding from 2009-2018 in Port Harcourt city, revealed a whopping loss of huge assets in millions of naira annually. The flood damages, very great, the losses very enormous and the destructions are complete impairment of the value of goods and services. Health challenges are on the increase especially as flood water from sewers flow into open drains and streets, thereby creating bad sanitary environment. Management options suggested include, land zoning, restriction on use of wetlands for development, conservation and re- afforestation policy to maintain stability of wet lands and, the construction of high drainages or channels, and an aggressive enlightenment campaign on hazards/ risks of developments on the wetlands.