Fidelity slammed N555.8m for Compromising Customer Data

The Federal Government, through the National Data Protection Commission, has imposed a huge fine of N555.8 million on Fidelity Bank for violating customer data protection regulations.

The penalty was announced by the commission’s National Commissioner, Vincent Olatunji, during a workshop on the Nigeria Data Protection Act General Application and Implementation Directive held in Abuja.

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Fidelity Bank’s violation of the National Data Protection Act (NDP Act) 2023 and the Nigeria Data Protection Regulation (NDPR) 2019 prompted this unprecedented fine.

The penalty, amounting to 0.1 percent of the bank’s annual gross revenue for 2023, marks the largest fine ever levied by the commission.

Olatunji emphasized the importance of compliance with data protection laws, noting that non-compliance carries serious consequences.

While the commission has focused on raising awareness and educating organizations about their responsibilities, significant breaches, like that of Fidelity Bank, have led to the enforcement of severe penalties.

The commission has been investigating Fidelity Bank since April 2023.

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However, due to the bank’s lack of cooperation and eventual arrogance during the investigation, the commission decided to impose the full penalty. Fidelity Bank has been given 14 days to pay the fine.