The TaxaideR Newsletter Vol 1.8 (August 2019)

A few weeks ago, precisely on 31st July 2019, Taxaide Technologies Limited (Taxtech) and about 10 other firms were issued the Data Protection Compliance Organisation (DPCO) license. If you’ve been reading our recent bulletins on #TaxThursday, you would notice our emphasis on the Ws of DPCO; basically, discussing the what, who, why, when, how etc. If your company houses any data, internally or externally-related (and I can bet this implies virtually every organisation today), you need our services as a DPCO-licensed firm to protect and secure your data.

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Forget Tax, Data is the new Oil

“Tax is the new oil”

I’m not exactly a fan of this phrase. Actually, I’m not a fan of it at all. I first heard it at a tax conference I attended in September 2017. I could understand the rationale behind the phrase – the glory years of 2011-2013 and triple digit oil prices were long gone and as a nation, we had no idea how else we could stay afloat. Deep introspection showed us how much we were bleeding ourselves by ignoring entities who made a killing and failed to give Caesar what was due to him.

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1. Why are DPCO’s necessary to Nigerian Firms?

A 2012 study of by the National Cyber Security Alliance found that 60% of small businesses fold within 6 months of a data breach. It is undeniable that Nigerian firms are making radical advancements and putting themselves on the global map in their respective industries, but this could be the downfall should they fail to implement the right security protocols for their data management systems and procedures.

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The Economy of the North-West: Kebbi State.

In Nigeria, when you hear ‘the North’, the first thing you think of are the Hausas. The Former Military Head of State, General Ibrahim Babangida created a state out of the “old Sokoto” known as “Kebbi state” in the North-West geopolitical region, that was and is predominantly agricultural. Kebbi State is divided into four emirate councils (Gawande, Argungu, Yauri and Zuru) and twenty-one local government areas.

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Is your Company’s data secured?. . . Benefits of Engaging the Services of a Licensed DPCO

  1. What is a DPCO?

A ‘Data Protection Compliance Organisation’ (DPCO) means any entity duly licensed by the National Information Technology Development Agency (NITDA) for the purpose of training, auditing, consulting and rendering services and products for the purpose of compliance with this Regulation or any foreign Data Protection law or regulation having effect in Nigeria’.

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The world’s most popular media company Facebook, creates no content. The world’s most popular retailer Ali Baba carries no stock, and the world’s largest accommodation provider, AirBnB, owns no property.

The above quote is as pertinent as it is trite. Straits Times notes that digitization has led to the emergence of new business models and increased international trade, while removing the need for a company to have physical presence in a country to conduct business with its residents.

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