It used to be news, but it is becoming less of a catchy headline now that unemployment rate is high in Nigeria. That it has, in fact, climbed upwards for nine consecutive quarters to hover at about 14.2% in the last quarter of 20161 and then, like the eagle, surged higher to crest at an increased 18.80% of the total population, by the third quarter of 2017.
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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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Intellectual property is not just an important asset for the running of companies, but it actually can help in catapulting the profits of companies. Multinational corporations use intellectual property to avoid taxes on massive scale, by transferring their intellectual property to tax havens for artificially low prices.
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“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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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.
The first thought that comes to mind when I think of the South-South region is the fact that most of the states are large oil producers, but is that all the region has to offer? You must be familiar with the phrase ‘tax is the new oil’ and it is not merely a phrase but a reality that is being birthed.
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- 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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Introduction
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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On Tuesday, July 23, President Buhari released the list of his ministerial candidates. Nigerians breathed a huge sigh of relief as this meant that certain policies would be implemented, and actions would be taken towards the achievement of the new administration’s “Next Level” goals.
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