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Fidelity Bank Slammed with N555.8 Million Fine for Data Breach Violations
Fidelity Bank Slammed with N555.8 Million Fine for Data Breach Violations....KINDLY READ THE FULL STORY HERE▶
Fidelity Bank has been hit with a significant fine of N555.8 million by the National Data Protection Commission (NDPC) for violating data protection regulations, making it the highest penalty issued by the commission to date.
Vincent Olatunji, the National Commissioner of the NDPC, revealed this during the Validation Workshop on the Nigeria Data Protection Act (NDPA) General Application and Implementation Directive, held in Abuja on Wednesday. According to Olatunji, Fidelity Bank was found guilty of breaching the Nigeria Data Protection Act, 2023, as well as the Nigeria Data Protection Regulation (NDPR), 2019.
The fine, amounting to 0.1% of the bank’s annual gross revenue in 2023, reflects the severity of the violations. Olatunji emphasized that the fine was further aggravated due to the bank’s lack of cooperation and arrogance during the investigation process.
“Data protection compliance is crucial, and we have made it clear that non-compliance will not go unpunished,” Olatunji stated. He highlighted that the penalties for such infractions could range from N10 million to up to 2% of an organization’s gross earnings from the previous year, depending on the level of breach, the impact, the number of data subjects affected, and the organization’s cooperation during the investigation.
Olatunji disclosed that the NDPC has been investigating Fidelity Bank since April 2023, noting that while the commission initially aimed to work collaboratively with the bank, the lack of cooperation led to the imposition of the full penalty.
The commissioner further stated, “This fine, representing about 0.1% of their 2023 earnings, is to be paid within 14 days upon receipt of this notice.”
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Safety Confirmation: All passengers and crew members on board safely disembarked without any injuries or casualties.
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Authorities Notified: The aircraft has been secured, and relevant aviation authorities have been notified while investigations to determine the circumstances of the incident are underway.
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Schedule Adjustments: The airline noted that the incident may cause temporary changes to flight schedules, and affected passengers will be contacted directly with necessary assistance.
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Legal Basis: He noted that his appeal is backed by a Federal High Court judgment from November 22, 2022 (Anaja Salmat & 3 Others v. INEC), which ruled that voter registration should remain open until 90 days prior to a general election to safeguard citizens’ constitutional voting rights.
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