The National Data Protection Commission has slammed a fine of N555. 8 million on Fidelity Bank for infractions relating to breaches of its customers’ data.
National Commissioner Vincent Olatunji made this known on Wednesday at the Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive in Abuja.
According to him, Fidelity Bank violated the NDP Act, 2023, and the NDPR, 2019 on data breach and was fined the amount being 0.1 per cent of the Bank’s annual gross revenue in 2023.
Olatunji said the fine which represents the highest fine to be issued by the commission was aggravated by the bank’s arrogance and poor cooperation during its investigation.
He said despite the provision for fines in its law, the commission’s approach has been creating awareness and letting people know what it is supposed to be doing.
“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.
