The National Data Protection Commission (NDPC) has imposed a substantial fine of N555.8 million on Fidelity Bank for violations related to the breach of customer data.
The announcement was made by the NDPC’s National Commissioner, Vincent Olatunji, during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held on Wednesday, August 21, 2024, in Abuja.
According to Olatunji, Fidelity Bank was found to have violated the Nigeria Data Protection (NDP) Act of 2023 and the Nigeria Data Protection Regulation (NDPR) of 2019.
The fine, amounting to 0.1% of the bank’s annual gross revenue for 2023, was determined after a thorough investigation into the bank’s data practices.
Olatunji explained that while the commission’s approach has largely been focused on creating awareness and encouraging compliance, the severity of the breaches and the bank’s poor cooperation during the investigation necessitated a full penalty.
“Data protection compliance is important and we have stated that non-compliance will be punished. We have penalties that range from N10 million or up to two percent of gross earnings for the previous year,” Olatunji stated.
He further elaborated on the decision to impose such a significant fine on Fidelity Bank, citing the bank’s arrogance and lack of cooperation during the investigation, which began in April 2023.
“This is to be paid within 14 days upon receipt of this notice,” he added
