Meet Taiwo Oyedele, Record Youngest Partner at PwC

Taiwo Oyedele is the Head of Tax and Corporate Advisory Services at PwC Nigeria (the world’s leading professional services firm with presence in over 150 countries). Taiwo has been in the forefront as a thought leader and prominent speaker on key accounting and tax issues including the tax implications of IFRS Adoption and Transfer Pricing. He is an ardent advocate of tax reforms with particular emphasis on tax simplification and transparency. He has represented the Manufacturers Association of Nigeria at the National Economic Council (body of all 36 Governors and the Vice President) to successfully make a case for reforms to address multiplicity of taxes.

Taiwo writes articles in leading national newspapers (including Guardian and BusinessDay), professional journals, international magazines and newsletters. He is a regular presenter and a highly sought after public speaker delivering over 200 speeches and presentations around the world in the past 3 years alone. Notable among these include presentations at the Africa Congress of Accountants (Kenya 2011 & Ghana 2013), Oil & Gas / Energy Conference (Houston 2011 & Dubai 2013), Series of Executive IFRS Training (London & Dubai 2011 – 2013), Global Transfer Pricing Conference (New York 2012), Mergers & Acquisition Conference (Istanbul 2012), BT Africa Conference (South Africa 2012), Nor Shipping Conference (Norway 2013), “Tax and Transparency After the G8: Nigeria and Beyond” at the House of Commons in Westminster (London 2013), Africa Tax and Business Symposium (Mauritius 2013).

After more than 7 months of being on his trail, I was able to get him for an interview eventually. 

JH: Taiwo Oyedele is a well-known name in tax practice in Nigeria. Can you give us a brief insight into your background – personal, academic and professional?  Were you born with silver spoon?

TO: No, I was not born with a silver spoon and with benefit of hindsight I am happy I wasn’t. Being raised by parents who had very little financial resources made me very independent from as early as 14 years old. I went through school from my Junior Secondary level up to higher education and professional qualification pretty much on my own. Although my parents were poor they taught me good morals and values such as integrity and hardwork. Looking back now I can confidently say what my parents gave me was worth more than money.

JH: You had a rapid rise in PwC, which is one of the biggest and most reputable professional services firms in Nigeria. At what age did you become a partner?

TO: Yes, PwC is actually the largest professional services firm in world with presence in 157 countries. I became a partner at age 34. It took me 7 ½ years from when I joined as a trainee to partner. Before me the fastest in Nigeria was about 13 years.

JH: As an Accountant myself, I know most people use PwC and the other 3 members of the ‘Big 4’  as a stepping stone, before moving ahead to accept ‘juicy’ offers elsewhere. Some of you stayed till you became a partner. What was the motivation?  And how do you handle the high rate of turnover?

TO: Well it depends on what you want in life. If you are good and remain focused money will always come. When I joined PwC I did not plan to stay long but I later found out it is such a great organization that gives a unique platform to acquire knowledge and be relevant both locally and internationally because of the strong brand. I was tempted along the line with many “juicy offers” as you call it but higher pay was never my motivation so it was easy to handle the temptations. I consider other issues such as quality of training and development, stimulating and challenging job content, work environment, reward and recognition and so on more important.

The rate of turnover is high in the Big 4 but we are used to it so we just recruit more. We see people who have passed through us as our ambassadors so no hard feelings.

JH: The knowledge of taxation in Nigeria is generally low. In my column on this blog some months back, I posited that everyone needs to have basic knowledge about taxation and tax policies, because it is central to public policy evaluation. Do you also think, beyond tax professionals, other Nigerians should also have ideas about taxation and tax policies?

TO: Absolutely. Tax knowledge is key and everybody must have a basic knowledge. Lack of tax knowledge could leave anyone highly exposed and can mar an otherwise sterling career especially in developed economies where they do not joke with tax matters. I have a friend who is resident in the US, he had to read the entire tax laws many times after he was served with an additional assessment of USD 20,000 and he couldn’t afford a tax professional. He was able to reduce his tax bill and also discovered some tax incentives he is entitled to but wasn’t aware of before.

JH: I have followed you from afar for some time. I read your articles on taxation in Guardian and BusinessDay. You come across to me as someone that can fill the shoes left behind by Mrs. Omoigui Ifueko as FIRS Chair. In fact, few weeks ago, I almost wrote an article making a case for your consideration.  Will you take up the challenge if offered?

TO: Laughs! A number of people have actually said the same thing and I am humbled by this. However I am not prepared for such position, at least for now. I believe I can continue to contribute the way I have been doing without necessarily joining the FIRS because of my other important commitments.

JH: What is your view on the imminent introduction  of Hydrocarbon Tax by the PIB?

I think the PIB is a good initiative but it has been turned into a purely political discourse. The issue is not just the Hydrocarbon tax but the total tax (Hydrocarbon, Company Income Tax, royalty, community levy etc) imposed by the Bill. Overall government needs to model the proposals to ensure that while they seek more government take the tax burden is not too much as to make further petroleum development un-commercial especially for marginal fields.

JH: I know you are a workaholic and some of us don’t envy you professionals in practice because of your very tight schedules, how do you achieve work-life balance?

TO: I think it depends on what you consider as work-life balance. I so much love what I do that I don’t feel like I am working for the most part of everyday. It’s like paying Lionel Messi to play football, that is having fun and getting paid in the process. Besides this I spend time with my family and friend and I travel a lot so I try to see new places and learn about other people. For me that is fun!

JH: On a final note, what advice do you have for our readers that want to become accountant or tax professional like you?

Figure out what you are passionate about, focus on solving people’s problems and helping the society in whatever little way you can, seek to be the very best, and whatever your hand finds to do, do it well. Like Bill Gates said, Don’t compete with anyone but yourself to be better each day that the previous. That is the secret of success.

Thank you very much, Taiwo.

NB: A more comprehensive story of Taiwo and how he became a partner (compare  Executive Director) at a world class multinational just seven years after joining as an entry level trainee, is told in my book, THE ROAD TO VICTORIA ISLAND. His case study is featured alongside other rapid-rise executives like Akeem Oyewale of StanbicIBTC and Yomi Awobokun of Oando.

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