Newscenter Media News The National Data Protection Commission (NDP) on Wednesday announced that it had slammed a fine of N555.8m on Fidelity Bank.
The tier one bank was fined for infractions relating to breaches of customers’ data.
The announcement was made by the NDP National Commissioner, Vincent Olatunji, at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held in Abuja.
According to him, the tier one bank violated the NDP Act, 2023, and the NDPR, 2019 on data breach, and that the fine places on the bank was 0.1 per cent of its annual gross revenue for 2023.
He further noted, that the Fidelity Bank fine is the highest to be issued so far, adding, that it was aggravated by the bank’s arrogance and poor cooperation during its investigation.
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Olatunji said, “Data protection compliance is important and we have stated that non-compliance will be punished. We have penalties that range from N10m or up to two per cent of gross earnings for the previous year.
“But our approach has been creating awareness and letting people know what we are supposed to be doing and most of the breaches we try to look at the level of breach, impact, and the number of data subjects affected and the level of cooperation by the organisation involved on the remuneration fee.
“Since we started, the major penalty we issued was yesterday (Tuesday) on fidelity bank. For the violation of the NDP Act, 2023, and the NDPR, 2019, we issued a fine of N555.8m and they have to pay. We have observed serious breaches and we have been working with them, investigating the issue since April 2023. But by the time we finalised our findings, they became arrogant and we decided to issue a full penalty on them which is about 0.1 per cent of their earnings for 2023.
“This is to be paid within 14 days upon the receipt of this Notice,” he added.
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