By Favour Johnson, NewsMedia Intern
REGULATORY CONCERNS intensifies as the Nigerian Data Protection Commission (NDPC) imposes a significant penalty in an ongoing data breach dispute.
The matter involves a major financial institution, Fidelity Bank, which has been accused of failing to comply with data protection laws.
The issue surfaced on April 30, 2023, when the NDPC initiated an investigation following a complaint that personal information was used to open an account without consent.
Fidelity Bank promptly responded with an internal review, discovering that the account in question was never activated due to incomplete documentation.
In accordance with its data protection policy, the bank placed the account on “Post No Debit” status and subsequently closed it when the required documents were not provided.
Despite the bank’s adherence to data protection procedures and immediate actions taken, the NDPC concluded that there was a breach, resulting in a N250 million penalty on December 5, 2023.
Fidelity Bank contested this decision, leading to further discussions with the Commission.
On August 20, 2024, the NDPC increased the penalty to N555.8 million, heightening the ongoing dispute.
Fidelity Bank has strongly affirmed its commitment to ethical standards and regulatory compliance, emphasizing that it has adhered to all relevant laws.
The institution is actively seeking a resolution with the NDPC while continuing to uphold its strong corporate governance practices.