Fidelity Bank has been fined N555.8 million by the National Data Protection Commission (NDPC) for violating the NDP Act, 2023, and the NDPR, 2019, marking the highest penalty ever issued by the commission.
Thank you for reading this post, don't forget to subscribe!According to Vincent Olatunji, the National Commissioner of NDPC, this fine represents 0.1% of the bank’s annual gross revenue in 2023.
The NDPC found Fidelity Bank guilty of serious data breaches following an investigation that began in April 2023. The bank’s lack of cooperation and perceived arrogance during the investigation contributed to the imposition of the maximum penalty.
Olatunji stressed the importance of data protection compliance and urged organizations to take it seriously, noting that the NDPC has been actively raising awareness about the consequences of non-compliance.
The fine must be paid within 14 days, serving as a stern warning to other organizations to prioritize data protection or face similar consequences.
