FG hits Fidelity Bank with N555m fine
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ShareThe 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.
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.
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