Business a.m.
The National Data Protection Commission (NDPC) has imposed a N555.8 million fine on Fidelity Bank for violations involving the breach of its customers’ data.
Vincent Olatunji, the NDPC national commissioner made the disclosure at the validation workshop on the Nigeria Data Protection Act general application and implementation directive,held in Abuja.
Olatunji stated that Fidelity Bank had violated the NDP Act, 2023, and the NDPR, 2019 on data breach, resulting in a substantial fine equivalent to 0.1 percent of the bank’s annual gross revenue in 2023.
According to the NDPC national commissioner, the record-high fine imposed on Fidelity Bank was exacerbated by the bank’s uncooperative behavior and arrogant attitude during the commission’s investigation.
“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,” he stated.
According to Olatunji, since the commission started, the major penalty it issued was yesterday (Tuesday) on fidelity bank which is for the violation of the NDP Act, 2023, and the NDPR, 2019. He noted that the commission issued a fine of N555.8m and the bank has to pay.
The NDPC national commissioner explained that the commission’s investigation into the data breaches at Fidelity Bank had been ongoing since April 2023, during which time serious violations were observed. However, upon finalising its findings, the NDPC was dismayed to find that the bank had become uncooperative and arrogant in its dealings with the commission.
Olatunji stated that the bank’s behavior during the investigation led to the commission’s decision to impose the maximum fine, which amounted to 0.1% of Fidelity Bank’s 2023 earnings. The fine, he stated, was to be paid within 14 days of receiving the notice from the NDPC.
