The National Data Protection Commission (NDPC) has fined Fidelity Bank N555.8 million for violating the data privacy of its customers.
On Wednesday, Vincent Olatunji , the NDPC's National Commissioner, announced the fine during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive in Abuja.
Fidelity Bank was determined to have violated the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023. The fine, which equals 0.1 per cent of the bank's annual gross revenue for 2023, is the largest ever issued by the NDPC.
Olatunji emphasised that the banks penalty was increased due to its lack of cooperation and dismissive attitude during the investigation. He highlighted the critical nature of complying with data protection regulations. He pointed out that organisations could face penalties ranging from N10 million to up to two per cent of their gross earnings for non-compliance.
"Since we began enforcing data protection regulations, this is the most significant penalty we've issued," Olatunji stated. "Fidelity Bank's violations were serious, and despite working with them since April 2023 to address these issues, their arrogance ultimately led us to impose the full penalty."
