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Fidelity Bank is facing the music after the National Data Protection Commission (NDPC) handed down a whopping N555.8 million fine for its data privacy missteps. The bank’s failure to safeguard customer information has raised red flags about its commitment to protecting sensitive data.
The hammer came down on Fidelity Bank when the National Data Protection Commission’s (NDPC) National Commissioner, Vincent Olatunji, publicly announced the N555.8 million fine at a high-stakes Validation Workshop in Abuja on Wednesday.
The event, focused on the Nigeria Data Protection Act’s General Application and Implementation Directive, served as a platform for Olatunji to drive home the commission’s commitment to data privacy enforcement.
Fidelity Bank’s data privacy missteps have come at a steep price, with the National Data Protection Commission (NDPC) imposing a record-breaking fine of N555.8 million for violating the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023.
This penalty, equivalent to 0.1 percent of the bank’s 2023 annual gross revenue, sets a new precedent for data protection enforcement in Nigeria.
National Commissioner Vincent Olatunji revealed that Fidelity Bank’s uncooperative stance and dismissive attitude during the investigation exacerbated the penalty, leading to the record-breaking fine.
He stressed that data protection compliance is non-negotiable, warning that organizations can face penalties ranging from N10 million to a staggering two percent of their gross earnings for non-compliance.
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“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.”
Fidelity Bank has been given a 14-day deadline by the National Data Protection Commission (NDPC) to pay the N555.8 million fine, a move that underscores the commission’s unyielding stance on data protection enforcement.
By holding organizations accountable for data breaches, the NDPC is sending a clear message about the importance of safeguarding customer information.
