The Federal Government of Nigeria has levied a significant financial penalty of 555 million naira against Fidelity Bank plc due to serious breaches of data protection regulations.

This substantial sanction was imposed by the Nigeria Data Protection Commission (NDPC), which operates under the auspices of the Federal Ministry of Communications, Innovations, and Digital Economy. Dr. Vincent Olatunji, the National Commissioner of the NDPC, disclosed this important update on Wednesday in Abuja during a Stakeholders’ Validation Workshop that addressed the General Application and Implementation Directive of the Nigeria Data Protection Act.

Dr. Olatunji indicated that the bank has been granted a limited timeframe of 14 days to pay the fine following the receipt of the official notification from the NDPC.

He explained that the decision to impose this considerable fine was driven by ongoing efforts to enforce the NDPC Act 2023, maintain industrial harmony, and foster a culture of compliance.

Furthermore, he expressed disappointment at the bank's obstinacy and resistance during the investigation, which necessitated the application of the maximum penalty.

The fine, representing 0.1 percent of Fidelity Bank’s annual gross revenue for 2023, serves as a serious warning to other organizations regarding the severe repercussions of failing to adhere to data protection regulations.

Dr. Olatunji reiterated the critical importance of compliance with data protection laws, noting that non-compliant entities face penalties ranging from 10 million naira to 2 percent of their annual gross income.

He further elaborated on the commission’s endeavors to foster awareness and encourage adherence through diverse initiatives, notably the licensing of Data Protection Compliance Organizations of Nigeria. These organizations offer guidance and assistance to entities in navigating the intricacies of data protection regulations.