News
Fidelity Bank fined N555.8m by NDPC for Data Breach
By Kayode Sanni-Arewa
The National Data Protection Commission (NDPC) has imposed a heavy fine of N555.8 million on Fidelity Bank for violating its customers’ data privacy.
National Commissioner of NDPC, Vincent Olatunji, disclosed this during a Validation Workshop on the Nigeria Data Protection Act General Application and Implementation Directive held on Wednesday in Abuja.
Naijablitznews.com reports that Fidelity Bank was found to have breached the Nigeria Data Protection Regulation (NDPR) of 2019 and the Nigeria Data Protection (NDP) Act of 2023.
The fine, which amounts to 0.1 percent of the bank’s annual gross revenue for 2023, is the largest ever issued by the NDPC.
Olatunji explained that the penalty was aggravated due to the bank’s lack of cooperation and dismissive attitude during the investigation. He emphasized the importance of data protection compliance, noting that penalties for non-compliance can range from N10 million to up to two percent of an organization’s gross earnings.
“Since we began enforcing data protection regulations, this is the most significant penalty we’ve issued,” Olatunji stated. “Fidelity Bank’s violations were serious, and despite working with them since April 2023 to address these issues, their arrogance ultimately led us to impose the full penalty.”
The NDPC has given Fidelity Bank 14 days to pay the fine upon receiving the notice. This action underscores the commission’s commitment to enforcing data protection laws and holding organizations accountable for safeguarding customer data.
News
Reps Quiz Federal Polytechnics Damaturu, Mubi, Monguno Over Infractions
By Gloria Ikibah
News
Obasanjo narrates how he escaped becoming drug addict
Former President Olusegun Obasanjo has revealed how he almost became a drug addict.
He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.
Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.
The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.
“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.
“There’s nothing drug can do for you except destruction.
“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.
He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.
News
We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.
Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.
“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.
“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”
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