The Federal Government of Nigeria has imposed a significant financial penalty of 555 million naira on Fidelity Bank Plc for serious violations of data protection regulations.
This penalty was issued by the Nigeria Data Protection Commission (NDPC), a regulatory body under the Federal Ministry of Communications, Innovations, and Digital Economy.
The National Commissioner of the NDPC, Dr. Vincent Olatunji, announced this development on Wednesday in Abuja during a Stakeholders’ Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive.
Dr. Olatunji stated that the bank has 14 days to remit the fine following receipt of the official notification from the NDPC.
According to Dr. Olatunji, the imposition of this substantial fine followed extensive efforts to enforce the NDPC Act 2023, ensuring industry compliance and fostering a culture of data protection.
He noted that the bank’s management demonstrated resistance and non-cooperation during the investigation, leading to the imposition of the maximum penalty.
The fine, which represents 0.1 percent of Fidelity Bank’s annual gross revenue in 2023, serves as a clear warning to organizations about the serious consequences of failing to comply with data protection laws.
Dr. Olatunji emphasized that the bank’s severe violations, combined with its dismissive attitude toward regulatory authority, justified the unprecedented fine.
In his remarks, Dr. Olatunji highlighted the critical importance of data protection compliance and the harsh penalties for non-compliance, which range from 10 million naira to 2 percent of annual gross earnings.
He also detailed the commission’s ongoing efforts to raise awareness and promote compliance, including the licensing of Data Protection Compliance Organizations of Nigeria, which assist companies in navigating data protection regulations.
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