By Awwal Umar Kontagora The National Data Protection Commission (NDPC) has imposed a fine of N555.8 million on Fidelity Bank for breaches...
By Awwal Umar Kontagora
The National Data Protection Commission (NDPC) has imposed a fine of N555.8 million on Fidelity Bank for breaches related to the mishandling of customer data.
Vincent Olatunji, the NDPC’s National Commissioner, announced the penalty during the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive in Abuja on Wednesday, August 21, 2024.
Olatunji stated that Fidelity Bank violated the Nigeria Data Protection Act (NDP Act) 2023 and the Nigeria Data Protection Regulation (NDPR) 2019. The fine, which represents 0.1% of the bank’s annual gross revenue for 2023, is the highest penalty ever issued by the commission.
Olatunji explained that the severity of the fine was exacerbated by the bank’s lack of cooperation and perceived arrogance during the investigation. He emphasized the importance of data protection compliance, noting that penalties range from N10 million to up to 2% of gross earnings for the previous year.
“The major penalty we issued was to Fidelity Bank,” Olatunji said. “We have been investigating the issue since April 2023, and despite our efforts to work with them, their lack of cooperation led to the full penalty being imposed.”
The NDPC has been working to create awareness about data protection and ensure compliance with regulations to safeguard the rights of data subjects.
No comments