Why we imposed N555m record fine on Fidelity bank over data privacy violation – NDPC
The National Data Protection Commission (NDPC) has revealed it imposed record fine on Fidelity Bank for data privacy violation because of the gravity of the offence.
Vincent Olatunji, the National Commissioner of NDPC said this on Wednesday, during a validation workshop on the Nigeria Data Protection Act (NDPA) general application and implementation directive.
Olatunji said Fidelity Bank was found to have breached the Nigeria Data Protection Regulation (NDPR) of 2019 and the NDPA of 2023.
He said the fine, which amounts to 0.1 percent of the bank’s annual gross revenue for 2023, is the largest ever issued by the commission.
Olatunji said the penalty was aggravated due to the bank’s lack of cooperation and dismissive attitude during the investigation.
“Since we began enforcing data protection regulations, this is the most significant penalty we have issued,” Olatunji said.
“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.”
The NDPC boss said the penalties for noncompliance could range from N10 million to up to 2 percent of an organisation’s gross earnings.
He said the commission had given the bank a 14-day ultimatum to pay the fine upon receiving the notice.
“This action underscores the commission’s commitment to enforcing data protection laws and holding organisations accountable for safeguarding customer data,” he added.
