FGThe Federal Government of Nigeria has imposed a hefty fine of ₦555 million on Fidelity Bank Plc for serious breaches of data protection laws.
The penalty was issued by the Nigeria Data Protection Commission (NDPC), which operates under the Federal Ministry of Communications, Innovations, and Digital Economy.
Dr. Vincent Olatunji, the National Commissioner of the NDPC, announced the decision on Wednesday in Abuja during a Stakeholders’ Validation Workshop focused on the Nigeria Data Protection Act’s General Application and Implementation Directive.
Olatunji revealed that the bank has been given a 14-day window to pay the fine following the official notification from the NDPC. He expressed disappointment over the bank’s uncooperative and defiant attitude during the investigation, which led to the imposition of the maximum allowable fine.
The penalty, which represents 0.1 percent of Fidelity Bank’s annual gross revenue for 2023, is intended to serve as a strong warning to other organizations about the serious repercussions of failing to comply with data protection regulations.
