Fidelity Bank Bagged a Fine Of #555.8 million By NDPC for Violating Data.

The Federal Government of Nigeria through the Nigeria Data Protection Commission (NDPC) has issued a financial penalty of 555.8 million naira on Fidelity Bank plc for appalled violation of data protection regulations. NDPC, a regulatory body which is seen by the federal ministry of communications, innovations and digital economy, represented by the National Commissioner of the NDPC, Dr. vicent olatunji announced this important development on Wednesday in abuja. The announcement was made during a validation workshop on the Nigerian Data Protection Act General Application and Implementation Directive.

Fidelity bank was detected to have violated the Nigerian Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Acts of 2023. The fine issued amounted to 0.1 percent of the bank's annual gross revenue for 2023, and was said to be the largest fine NDPC has ever imposed on a body. Olatunji stated that the bank has been given a short period of 14 days to pay the fine upon receipt of the official notification from the NDPC.

Olatunji went further to say that the penalty was triggered due to lack of cooperation from the bank and contemptuous attitude during the period of investigation. He made emphasis on the importance of data protection compliance, stating that penalties for non conformity can range from 10 million to two percent of an organization's gross earnings. Dr.olatunji stated that since they began enforcing data protection regulations, this is the most significant penalty we've imposed on an organization. He emphasized that the banks appalling violation combined with their arrogance towards the NDPC body, triggered the imposition of the highest fine ever issued  by the commissioner.

He further made it clear that the commission's effort to inform people and promote unquestioning obedience through various initiatives which includes the licencing of Data Protection Compliance Organizations of Nigeria, which helps with the provision of guidance and support to organizations in guiding the complications of data protection regulations.