Economy
Bad Money Habits That Can Ruin Your Business
To be successful as an entrepreneur, good money management practice is crucial. Entrepreneurs start their business with an idea and lots of energy, however as the business gets very engaging, they start to unconsciously develop bad financial habits. Here are some of those habits and how you can break them:
Keeping one account for both personal and business funds
A lot of small business owners often make the mistake of combining both business income and expenses with personal income and expenses. This is a very bad practice as it is almost impossible to monitor your business funds and performance in general.
Solution: Get your business registered and open a business account solely for business funds.
Not keeping financial records
How do run your business if there are no records available for checks and balances? Some business owners think they can keep track of expenses and incomes in their head but thats impossible. It can never be accurate and will only lead to business decisions made based on wrong statistics. You would also end up spending more than you earn and will eventually end up in debt. Note that without financial records to back your decisions, you cannot approach an investor to request for funds.
Solution: Start keeping records so you can plan more effectively for your business. There are tools out there that help to automate your records.
Making late payments
Taking a loan and not paying as at when due is bad for your business. This affects the reputation of your business and lowers your credit score. A credit score shows your credit worthiness. Banks and investors make use of this score to evaluate the risk posed by lending money to a business and the probability of paying back.
Solution: Ensure you keep records and make repayments when due. If you are not sure of when you are to pay back, clarify with your account officer or the officer in charge.
Excluding yourself from your business payroll
You might think you are managing your funds well but in actual fact, you are not. You end up dipping into business funds with no proper structure to guide you. Therefore, it is better to set aside an amount for yourself. Besides, you are also working so you are entitled to it. You have needs and you will need funds to fulfil them.
Solution: Put yourself on your business payroll. You can choose to pay yourself bi-monthly or monthly, whichever works better for your business. This can be adjusted based on the business income.
Impulse purchases
Some business owners do not have control over their spending and want almost everything they see. Sometimes you just need to sit back and evaluate the importance of the item and if it will add value to you and your business. You need to be able to distinguish your needs from your desires. If you listen to a lot of successful entrepreneurs today, they all say you should spend less than you earn. That is your key to financial success.
Solution: To curb your spending, give yourself a certain period to think that purchase through before making a decision. Chances are that you will realize you never really needed that item.
Not delegating tasks
Every entrepreneur should know how to delegate. When a problem or task arises, you spend both time and money on it and the more you spend on one, the less you spend on the other.Consider this scenario: You spend a day doing a task that costs N5,000 when you could have just hired someone to do it and spend time on other tasks more specific to your expertise and worth much more.
Solution: Consider the time versus the money that will be spent on a task. Will it be better to pay someone to do it or do it yourself? You can hire someone to work on tasks you are not skilled enough to handle so you can spend time on other important tasks.
Forming good habits are how successful entrepreneurs achieve their goals and manage to run their businesses effectively. Avoid and break off these habits to become better with your business finances.
Source: http://635.gtbank.com/2016/10/financial-habits-that-can-harm-your-business/
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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