Fidelity Bank Hit with Hefty Fine for Data Breaches
The National Data Protection Commission (NDPC) has slapped Fidelity Bank with a whopping fine of N555.8 million for violating Nigeria’s data protection laws. The fine, which represents the highest penalty issued by the commission, was announced by NDPC’s National Commissioner, Vincent Olatunji, at a validation workshop in Abuja.
According to Olatunji, the tier one bank breached the Nigeria Data Protection Regulation (NDPR) 2019 and the Nigeria Data Protection Act (NDPA) 2023, resulting in the hefty fine. The amount is equivalent to 0.1% of the bank’s annual gross revenue in 2023.
The NDPC’s commissioner stated that the fine was aggravated by Fidelity Bank’s arrogance and poor cooperation during the investigation. Olatunji emphasized the importance of data protection compliance, saying that non-compliance will be punished. The commission has penalties ranging from N10 million to 2% of gross earnings for the previous year.
In a statement, Olatunji explained that the NDPC’s approach has been to create awareness and educate organizations on their data protection responsibilities. The commission assesses the level of breach, impact, and number of data subjects affected, as well as the level of cooperation from the organization involved, when determining the penalty.
Fidelity Bank has been ordered to pay the fine within 14 days of receiving the notice. This development marks a significant milestone in Nigeria’s efforts to protect its citizens’ data and ensure that organizations comply with data protection regulations.
As the world becomes increasingly digital, data protection has become a top priority. The NDPC’s move to fine Fidelity Bank sends a strong message to other organizations in Nigeria and beyond: data protection compliance is essential, and non-compliance will be met with severe consequences.
