The Federal Government of Nigeria has imposed a hefty fine of N555 million on Fidelity Bank Plc for serious violations of data protection regulations. This penalty was announced by the Nigeria Data Protection Commission (NDPC), which operates under the Federal Ministry of Communications, Innovations, and Digital Economy.
Dr. Vincent Olatunji, the National Commissioner of the NDPC, revealed this significant development during a Stakeholders’ Validation Workshop in Abuja, where discussions focused on the Nigeria Data Protection Act and its implementation. He stated that Fidelity Bank has been given a 14-day period to pay the fine upon receiving the official notification.
The NDPC’s decision to impose this fine stems from ongoing efforts to enforce compliance with the NDPC Act 2023. Dr. Olatunji noted that the bank’s management displayed a lack of cooperation during the investigation, which ultimately led to the imposition of the maximum penalty. He emphasized that the fine represents 0.1 percent of Fidelity Bank’s annual gross revenue for 2023, serving as a stern warning to other organizations about the consequences of non-compliance with data protection laws.
Dr. Olatunji highlighted the importance of adhering to data protection regulations, stating that penalties for violations can range from N10 million to 2 percent of an organization’s annual gross earnings. He expressed concern over the bank’s attitude during the investigation, describing it as “arrogant” and indicating that such behavior warranted the highest fine ever issued by the commission.
The NDPC has been actively working to raise awareness about data protection compliance and has initiated various programs to support organizations in understanding and adhering to these regulations. This includes the licensing of Data Protection Compliance Organizations in Nigeria, which assist businesses in navigating the complexities of data protection laws.
The imposition of this fine on Fidelity Bank underscores the NDPC’s commitment to holding organizations accountable for safeguarding customer data. As the regulatory body continues to enforce compliance, it aims to foster a culture of data protection across all sectors in Nigeria.
The fine against Fidelity Bank serves as a critical reminder of the need for strict adherence to data protection regulations. The NDPC’s actions reflect a broader effort to enhance the integrity of Nigeria’s data protection framework and ensure that organizations prioritize the privacy and security of their customers’ information.
