The Federal Government of Nigeria has imposed a substantial financial penalty of 555 million naira on Fidelity Bank Plc for egregious violations of data protection regulations.
This severe sanction was levied by the Nigeria Data Protection Commission (NDPC), a regulatory body overseen by the Federal Ministry of Communications, Innovations, and Digital Economy.
The National Commissioner of the NDPC, Dr. Vincent Olatunji, announced this significant development on Wednesday in Abuja, during a Stakeholders’ Validation Workshop focused on the Nigeria Data Protection Act General Application and Implementation Directive.
Olatunji noted that the bank has been afforded a brief period of 14 days to remit the fine upon receipt of the official notification from the NDPC.
According to Dr. Olatunji, the imposition of this substantial fine was precipitated by a series of concerted efforts aimed at enforcing the provisions of the NDPC Act 2023, ensuring industrial harmony, and promoting a culture of compliance.
Olatunji added that regrettably, the bank’s authorities displayed obstinacy and recalcitrance during the investigation, necessitating the imposition of the maximum penalty.
He also noted that the fine, amounting to 0.1 percent of Fidelity Bank’s annual gross revenue in 2023, serves as a stern warning to errant organizations of the grave consequences of non-compliance with data protection regulations.
Dr. Olatunji emphasized that the bank’s egregious violations, coupled with its arrogant demeanor towards constituted authority, warranted the imposition of the highest fine ever issued by the commission.
In his remarks, Dr. Olatunji underscored the paramount importance of data protection compliance, highlighting the severe penalties that await non-compliant entities, ranging from 10 million naira to 2 percent of their annual gross earnings.
He further elucidated the commission’s efforts to create awareness and promote compliance through various initiatives, including the licensing of Data Protection Compliance Organisations of Nigeria, which provide guidance and support to organizations in navigating the complexities of data protection regulations.