Fidelity Bank Hit with N555.8 Million Fine for Data Breach

Fidelity Bank has been slapped with a hefty N555.8 million fine by the National Data Protection Commission (NDPC) for failing to comply with customer data protection laws.

According to Topnewsnaija, the penalty stems from violations of the Nigeria Data Protection Act (NDP Act) 2023 and the Nigeria Data Protection Regulation (NDPR) 2019.

The fine was announced by Vincent Olatunji, the National Commissioner of the NDPC, during a workshop in Abuja on Wednesday focused on the implementation of the Nigeria Data Protection Act.

Olatunji explained that the fine, equivalent to 0.1 percent of Fidelity Bank’s annual gross revenue for 2023, was imposed not just for the data breach itself, but also due to the bank’s uncooperative behavior during the investigation.

“The NDPC is dedicated to ensuring strict compliance with data protection regulations, and non-compliance will attract significant penalties,” Olatunji emphasized.

He further noted that while the NDPC typically aims to raise awareness and encourage organizations to follow the rules, Fidelity Bank’s lack of cooperation left the commission with no choice but to impose the maximum penalty.

“Data protection compliance is crucial, and we’ve made it clear that any breaches will be met with consequences. We consider factors such as the severity of the breach, the number of individuals affected, and the level of cooperation from the organization when determining penalties,” Olatunji added.

The NDPC has been in discussions with Fidelity Bank regarding the issue since April 2023. However, the bank’s dismissive stance and failure to cooperate during the investigation led the commission to enforce the full fine.

“When we concluded our investigation, their attitude turned dismissive, which led us to impose the maximum penalty,” Olatunji stated.

This fine, the largest ever imposed by the NDPC, is required to be paid within 14 days of notification.