The National Data Protection Commission (NDPC) has slapped Fidelity Bank with a significant fine of N555.8 million for breaches related to customer data privacy.
NDPC, the regulatory body overseeing data privacy in Nigeria, announced the penalty through its National Commissioner, Vincent Olatunji, during a validation workshop on the Nigeria Data Protection Act held in Abuja on Wednesday.
The hefty fine follows Fidelity Bank’s violation of the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023. This regulatory action, reported by Channels TV, is unprecedented and marks the largest penalty ever imposed by the NDPC.
The fine amounts to 0.1% of Fidelity Bank’s annual gross revenue for 2023. The bank’s lack of cooperation and dismissive attitude during the investigation further aggravated the situation.
Vincent Olatunji stressed the importance of strict adherence to data protection laws, highlighting that non-compliance can attract penalties ranging from N10 million to 2% of an organization’s gross revenue. “This is the largest fine we have issued since enforcing data protection regulations,” Olatunji noted. “Fidelity Bank’s serious violations and their refusal to adequately address the issues since April 2023 forced us to impose the full penalty.”
The NDPC has mandated Fidelity Bank to pay the fine within 14 days of receiving the notice. This strong stance underscores the NDPC’s commitment to enforcing data protection laws and holding organizations accountable for safeguarding customer data.
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