Fidelity Bank has denied any wrongdoing in response to the Nigerian Data Protection Commission’s (NDPC) allegations of a data breach, which led to a fine of N555.8 million. The bank has rejected the accusations, asserting that it fully complied with data protection laws.
In a statement released by Meksley Nwagboh, the bank’s Divisional Head of Brand and Communications, Fidelity Bank emphasized its commitment to ethical practices, stating, “We have always adhered to the highest standards, ensuring full compliance with existing data protection laws.”
The NDPC had announced the hefty fine on Wednesday, accusing the bank of violating data privacy regulations. Vincent Olatunji, the national commissioner of NDPC, stated that the bank’s “arrogance ultimately led us to impose the full penalty.”
Fidelity Bank, however, refuted these claims, explaining that the issue stemmed from an online account opening request. According to the bank, the account in question was never operational due to incomplete documentation. The bank clarified that it had “carried out due diligence by immediately blocking the account and subsequently closing it when outstanding documents were not provided.”
The bank provided a timeline of events, noting that it received a notice of investigation from the NDPC on April 30th, 2023. The investigation was based on a complaint alleging that an individual’s details were used to open an account without their consent. Fidelity Bank responded by conducting an internal investigation, which confirmed that the account opening process had not been completed due to missing documentation, including a passport photograph and BVN (Bank Verification Number).
Fidelity Bank further explained that it placed the account on “Post No Debit” status, preventing any transactions, and eventually closed the account after the required documents were not provided within 30 days. The bank reiterated that the account was never operational and that it did not breach any data protection laws.
Despite the bank’s efforts to clarify the situation, the NDPC proceeded with the fine. Fidelity Bank stated that after an initial demand for N250 million in December 2023, the NDPC later increased the amount to N555.8 million in a letter received on August 20th, 2024.
Fidelity Bank expressed its disappointment, noting that it was still engaging with the NDPC to resolve the issue when the increased fine was imposed. The bank remains firm in its stance that no laws were violated and continues to dispute the penalty.
