Fidelity Bank Fined N555.8m By FG For Compromising Customer Data

The Federal Government of Nigeria has imposed a significant financial penalty of 555 million naira on Fidelity Bank Plc for serious breaches of data protection regulations.

This penalty was enforced by the Nigeria Data Protection Commission (NDPC), a regulatory body under the Federal Ministry of Communications, Innovation, and Digital Economy.

Dr. Vincent Olatunji, the National Commissioner of the NDPC, announced this during a Stakeholders’ Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive, held on Wednesday in Abuja.

Dr. Olatunji stated that Fidelity Bank has been given a 14-day window to pay the fine following receipt of the official notice from the NDPC.

The fine was the result of extensive efforts to enforce the NDPC Act 2023, promote industrial harmony, and foster a culture of compliance. Unfortunately, the bank’s management exhibited a resistant and uncooperative stance during the investigation, leading to the imposition of the maximum penalty.

The fine, representing 0.1 percent of Fidelity Bank’s annual gross revenue in 2023, serves as a stern warning to organizations about the serious consequences of non-compliance with data protection laws.

Dr. Olatunji emphasized that the bank’s severe violations, compounded by its dismissive attitude towards regulatory authority, justified the imposition of the highest fine ever levied by the commission.

He further highlighted the critical importance of data protection compliance, noting that penalties for non-compliance can range from 10 million naira to 2 percent of an organization’s annual gross earnings.

In his remarks, Dr. Olatunji also detailed the commission’s ongoing initiatives to raise awareness and support compliance, including the licensing of Data Protection Compliance Organizations of Nigeria, which offer guidance to businesses in adhering to data protection regulations.