The NDPC ordered Fidelity Bank to settle the N555.8m fine within 14 days of receiving the notice.
The National Data Protection Commission (NDPC) has imposed a hefty fine of N555.8 million on Fidelity Bank for violating customer data privacy.
NDPC is a statutory organization responsible for the regulation of data privacy in Nigeria.
NDPC's National Commissioner, Vincent Olatunji, announced the penalty at a validation workshop on the Nigeria Data Protection Act in Abuja on Wednesday.
The bank was found to have breached the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023, prompting the regulatory action, Channels TV reports.
The Commission the record fine of N555.8m on the bank, equivalent to 0.1% of its 2023 annual gross revenue.
This unprecedented penalty, the largest ever issued by the NDPC, was exacerbated by the bank's uncooperative and dismissive stance during the investigation.
NDPC's National Commissioner, Vincent Olatunji, emphasized the crucial importance of adhering to data protection laws, warning that non-compliance can result in penalties ranging from N10m to 2% of an organization's gross earnings.
“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.”
The NDPC ordered Fidelity Bank to settle the N555.8m fine within 14 days of receiving the notice.
This decisive action reaffirms the commission's unwavering commitment to upholding data protection laws and ensuring organizations prioritize customer data security. By taking swift and severe action, the NDPC demonstrates its resolve to hold entities accountable for data breaches and non-compliance.
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