6 Ways to Successfully Manage Business with Your Spouse
By Adeniyi Ogunfowoke
Your spouse being your business partner is not something some entrepreneurs look forward to. This is because managing a business is very demanding and requires sacrifice and compromise. But what happens if either spouse doesn’t budge? You have to fold up the business? No. You can still work with your spouse to run your business without it affecting your marriage or individual lives. Jumia Travel shares 6 ways to pull this off.
Know that both of you are business partners
In a country like Nigeria where the man is largely in control of the family, there is every tendency that he will coordinate everything about the business. Thus, the business partner (wife) has little or no opportunity for her to contribute to the growth of the business. She may simply feel more like a personal assistant rather than a partner. Sooner rather than later she will feel aggrieved and become resentful. This will no doubt affect the day-to-day running of your home and business. Spouses in business should spell out responsibilities without encroaching.
Trust each other
Your spouse’s phone can ring when both are in bed and of course it is a business call and he or she has to pick. In other circumstances, one of you has to work late. You don’t have to rant about this. After all, both of you are managing the business together. What you may do is to separate work and home life. You leave work in the office and focus on each other when you are at home. Ultimately, you have to trust each other.
Always stay in touch
Running a business is very time-consuming. Oftentimes, couples running a business together only talk about their business. So, try your best not to lose touch. Chat them up when necessary. But don’t become a pest.
Have mutual respect
Conflict is unavoidable in any relationship. What you do after the conflict is what is important. Maintain mutual respect for each other especially when you are having differences.
Divide marital responsibilities
The responsibilities of running a home are very humongous. Men have to be considerate because their wives have a home and business to manage. It is not a time to be chauvinistic. Spouses can voluntarily assign marital responsibilities to themselves. This will help both of you live a robust life without one of the partners feeling discouraged or upset.
Do not skip vacation
Do not skip the opportunity to take vacations. Entrepreneurs need to take breaks which can help them recharge and get motivated. It is even more important for couples as it can boost their love and business lives. So, do not hesitate to book one of the best hotels in Calabar for a weekend getaway at Obudu Ranch.
Adeniyi Ogunfowoke is a PR Associate at Jumia Travel.
FAAC Allocation to FG, States, LGs in March Shrinks to N722.7bn
By Aduragbemi Omiyale
The amount shared to the three tiers of government, the federal government, state governments, and local governments, by the Federation Account Allocation Committee (FAAC), decreased in March 2023 from the money distributed in February.
A communique issued on Wednesday after the FAAC meeting in Abuja disclosed that N722.7 billion was disbursed from the revenue generated by the country last month compared with the N750.2 billion shared in February.
A breakdown showed that the total distributable revenue of N722.677 billion comprised distributable statutory revenue of N366.800 billion, distributable Value Added Tax (VAT) revenue of N224.232 billion, Electronic Money Transfer Levy (EMTL) of N11.645 billion and N120.000 billion Augmentation from Forex Equalisation Account.
In the disclosure signed by the Director of Press and Public Relations of the Office of the Account-General of the Federation (OAGF), Mr Bawa Mokwa, it was disclosed that in February, Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Oil and Gas Royalties, Import and Excise Duties all decreased significantly while Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL) decreased marginally.
Explaining how the money was disbursed, FAAC said from the N722.677 billion, the federal government received N269.063 billion, the state governments got N236.464 billion, and the local councils were given N173.936 billion, while N43.214 billion was shared to the oil-producing states as 13 per cent derivation revenue.
Further, from the N366.800 billion distributable statutory revenue, the federal government received N178.683 billion, the state governments received N90.630 billion, and the local government councils received N69.872 billion, with relevant states getting N27.614 billion as 13 per cent derivation revenue.
In addition, from the distributable N224.232 billion from VAT, the federal government received N33.635 billion, the state governments received N112.116 billion, and the local councils received N78.481 billion.
The statement also said N11.645 billion Electronic Money Transfer Levy (EMTL) was distributed as follows: the Federal Government received N1.747 billion, the State Governments received N5.822 billion, and the Local Government Councils received N4.076 billion.
From the N120.000 billion Augmentation, the Federal Government received N54.998 billion, the State Governments received N27.896 billion, the Local Government Councils received N21.506 billion, and a total sum of N15.600 billion was shared to the relevant States as 13 per cent of mineral revenue.
In February 2023, the total deductions for the cost of the collection were N27.449 billion, and total deductions for transfers, savings, recoveries and refunds were N109.909 billion, while the balance in the Excess Crude Account (ECA) was $473,754.57, the same amount it had remained since December 2022.
Local Stock Exchange Extends Growth by 0.06% Amid Weak Sentiment
By Dipo Olowookere
Investor sentiment at the Nigerian Exchange (NGX) Limited was weak on Wednesday as traders chew over the decision of the Central Bank of Nigeria (CBN) to raise the Monetary Policy Rate (MPR) by 0.50 per cent to 18.00 per cent.
However, the local stock exchange closed higher by 0.06 per cent, buoyed by the 0.08 per cent growth reported by the insurance sector.
Business Post reports that the consumer goods space lost 0.02 per cent, the banking and the industrial goods counters depreciated by 0.01 per cent each, as the energy index remained flat.
When the market closed for the session, the All-Share Index (ASI) improved by 31.43 points to 54,936.11 points from 54,904.68 points, while the market capitalisation went up by N19 billion to N29.928 trillion from N29.909 trillion.
Analysis of the market data showed that the growth posted yesterday was fragile as the highest price gainer, Coronation Insurance, appreciated by 2.44 per cent to 42 Kobo, GTCO also rose by 2.44 per cent to N25.20, Linkage Assurance grew by 2.22 per cent to 46 Kobo, Lasaco Assurance jumped by 2.04 per cent to N1.00, and Transcorp grew by 1.56 per cent to N1.30.
On the flip side, NCR Nigeria suffered the heaviest loss after its value went down by 9.69 per cent to N2.61, FTN Cocoa depreciated by 6.90 per cent to 27 Kobo, Japaul lost 6.67 per cent to quote at 28 Kobo, Cutix declined by 4.95 per cent to N2.11, and Consolidated Hallmark Insurance decreased by 4.62 per cent to 62 Kobo.
Yesterday, investors transacted 134.2 million stocks worth N1.3 billion in 2,479 deals compared with the 127.7 million stocks worth N1.6 billion traded in 2,987 deals, representing an increase in the trading volume by 5.09 per cent, a decline in the trading value by 18.75 per cent, and a shortfall in the number of deals by 17.01 per cent.
The most traded stock on Wednesday was Transcorp with the sale of 28.1 million units, UBA exchanged 21.2 million units, Courteville sold 19.1 million units, GTCO transacted 13.6 million units, and FBN Holdings traded 8.1 million units.
FrieslandCampina Lifts NASD OTC Market by 0.07% at Midweek
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange returned to positive territory after back-to-back losses, following a 0.07 per cent appreciation on Wednesday, March 22.
This was influenced by the 96 Kobo gain reported by FrieslandCampina Wamco Nigeria Plc during the session to settle at N75.41 per share compared with N75.01 per share of the preceding session.
The improvement in the share price of the milk maker pushed the value of the unlisted securities market by N710 million to N961.17 billion from N960.46 billion, while the NASD Unlisted Securities Index (NSI) grew by 0.54 points to wrap the session at 731.48 points compared with the 730.94 points of the previous session.
The level of activity witnessed a significant increase yesterday as the volume of securities closed higher by 274,515.6 per cent to 23.1 million units from the 8,408 units transacted in the previous trading day.
Equally, the value of shares traded at the session jumped to N10.1 million, which by evaluation is 814.0 per cent higher than the N1.1 million posted on Tuesday.
These transactions were carried out in 13 deals compared with the three deals executed in the previous trading day, indicating a 333.3 per cent appreciation.
At the close of business, Geo-Fluids Plc remained the most traded stock by volume on a year-to-date basis with the sale of 455.3 million units valued at N493.6 million, UBN Property Plc stood in second place with a turnover of 365.8 units worth N309.5 million, while IGI Plc was in third place with a turnover of 71.1 million units valued at N5.1 million.
On the flip side, VFD Group Plc was the most traded stock by value on a year-to-date basis with a turnover of 7.3 million units worth N1.7 billion, Geo-Fluids Plc followed with the sale of 455.3 million units worth N493.6 million, while UBN Property Plc was in third place with a turnover of 365.8 million units valued at N309.5 million.
Latest News on Business Post
- FAAC Allocation to FG, States, LGs in March Shrinks to N722.7bn March 23, 2023
- Local Stock Exchange Extends Growth by 0.06% Amid Weak Sentiment March 23, 2023
- FrieslandCampina Lifts NASD OTC Market by 0.07% at Midweek March 23, 2023
- Oil Prices Rise $1 as Greenback Drops on US Rate Hike March 23, 2023
- Naira Rebounds, Strengthens Against Dollar at FX Market Segments March 23, 2023
- Tinubu Travelled Abroad to Rest, Will Return Soon–Aide March 22, 2023
- Anxiety as The Voice Africa Hits Airwaves March 26 March 22, 2023
- INEC Declares Labour Party’s Alex Otti Abia Governor-Elect March 22, 2023
- Cash Scarcity: NLC Orders Workers to Embark on Strike March 22, 2023
- Davido Picks Classic Songs for Spotify Timeless Afro Playlist March 22, 2023