Fidelity Bank Slammed with N555.8m Fine for Data Breach

 The Nigeria Data Protection Commission (NDPC) has imposed a fine of N555.8 million on Fidelity Bank Plc for violating the country’s data protection laws. This fine represents 0.1% of the bank’s annual gross earnings for 2023. The NDPC National Commissioner, Dr. Vincent Olatunji, announced this at a workshop in Abuja, stating that the investigation into Fidelity Bank began in April 2023 and found the bank guilty of breaching data protection regulations. The fine serves as a warning to organizations to comply with data protection laws, with penalties ranging from N10 million to 2% of annual gross income. The NDPC is engaging stakeholders to develop a comprehensive guide document and has licensed 194 data protection professionals to ensure compliance. The commission emphasizes the importance of collaboration and dialogue in implementing the Nigeria Data Protection Act and fostering a data ecosystem that respects privacy and protects personal data.