The National Data Protection Commission (NDPC) has imposed a fine of N555.8 million on Fidelity Bank for violating its customers’ data privacy. This significant penalty was announced by the National Commissioner, Vincent Olatunji, during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held on Wednesday in Abuja.
Fidelity Bank was found to have breached the Nigeria Data Protection (NDP) Act of 2023 and the Nigeria Data Protection Regulation (NDPR) of 2019. The fine, which represents 0.1% of the bank’s annual gross revenue for 2023, is the largest ever imposed by the NDPC.
Olatunji highlighted that the penalty was not only due to the data breach itself but also aggravated by the bank’s arrogance and lack of cooperation during the investigation. He emphasized the importance of compliance with data protection regulations, noting that penalties for non-compliance can range from N10 million to up to 2% of a company’s gross earnings for the previous year.
“Since we began our enforcement, the most substantial penalty we’ve issued was yesterday (Tuesday) against Fidelity Bank. Despite working with them and investigating the issue since April 2023, their attitude towards the final stages of the investigation was dismissive, leading us to impose the full penalty,” Olatunji explained.
The NDPC has given Fidelity Bank 14 days to pay the fine following the receipt of the official notice. This action underscores the commission’s commitment to upholding data protection laws and holding organizations accountable for any violations.