Fidelity Bank has been fined a whopping N555.8 million by the National Data Protection Commission (NDPC) for violation of the National Data Protection Act, 2023, and the NDPR, 2019, relating to data breaches of its customers’ data.
The commission said it found Fidelity Bank guilty of serious breaches which were investigated since April 2023, stressing that the arrogance displayed by officials of the bank and poor cooperation during the investigation led to the maximum penalty.
These were disclosed by Mr Vincent Olatunji, NDPC National Commissioner who also said that the fine was the highest ever issued by NDPC, adding that the fine represented 0.1% of the bank’s annual gross revenue in 2023.
Olatunji underscored the importance of data protection compliance and the need for organizations to take it seriously. The NDPC Commissioner said that the commission has been creating awareness and educating organizations on the importance of data protection and the penalties for non-compliance.
The commission insisted that the fine must be paid within 14 days of receipt of the notice.
Olatunji said that the landmark decision was to serve as a warning to other organizations to prioritize data protection and comply with the regulations to avoid similar penalties.
