Fidelity Bank Slapped With Record N555.8m Fine For Data Protection Violations

Published

1 year ago

August 21, 2024

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Fidelity Bank Slapped With Record N555.8m Fine For Data Protection Violations—-The National Data Protection Commission (NDPC) has imposed a substantial fine of N555.8 million on Fidelity Bank for violating the National Data Protection (NDP) Act, 2023, and the Nigeria Data Protection Regulation (NDPR), 2019. This fine, which amounts to 0.1% of the bank’s annual gross revenue for 2023, marks the highest penalty ever issued by the commission, setting a new precedent in the enforcement of data protection laws in Nigeria.

National Commissioner Vincent Olatunji announced the hefty penalty during a workshop held in Abuja, where he criticized Fidelity Bank for its lack of cooperation during the investigation process. He highlighted that the bank’s dismissive attitude and poor collaboration with the commission significantly contributed to the severity of the penalty. The NDPC’s investigation, which began in April 2023, uncovered serious breaches in the handling and protection of customer data by the bank.

“The arrogance displayed by Fidelity Bank and their refusal to engage meaningfully with our investigation only worsened their situation,” Olatunji stated. He emphasized that the commission is committed to upholding data protection standards and will not hesitate to impose strict penalties on organizations that fail to comply with the regulations.

The fine must be paid within 14 days of receiving the notice, underscoring the NDPC’s resolve to enforce compliance swiftly. This action by the commission sends a clear message to all organizations operating within Nigeria: data protection is not optional, and breaches will be met with significant consequences.

This landmark case serves as a stark reminder to all financial institutions and businesses handling sensitive customer information that they must adhere to the highest standards of data protection. The NDP Act, 2023, and the NDPR, 2019, are designed to safeguard personal data, ensuring that individuals’ privacy is respected and protected from misuse or unauthorized access.

Fidelity Bank’s case is particularly noteworthy as it highlights the growing importance of data protection in Nigeria’s regulatory landscape. With the rapid digitization of financial services and the increasing volume of data being processed by banks and other organizations, the need for robust data protection practices has never been more critical.

The NDPC’s decision to impose such a significant fine reflects its determination to hold organizations accountable for data breaches, regardless of their size or influence. It also signals the beginning of a more rigorous enforcement regime, where non-compliance with data protection laws will attract severe penalties.

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FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline

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2 weeks ago

January 7, 2026

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FirstBank Reaches ₦500bn Capital Threshold Before CBN Deadline—-First HoldCo Plc says its commercial banking subsidiary, First Bank of Nigeria Ltd., has met the Central Bank of Nigeria’s N500 billion minimum capital requirement.

The disclosure was made in a statement on Wednesday by Mr Olayinka Ijabiyi, Acting Group Head, Marketing and Corporate Communications, FirstBank.

Ijabiyi said the milestone followed strategic capital initiatives, including a Rights Issue, Private Placement and proceeds from divesting the group’s merchant banking subsidiary.

He said the successful capitalisation reflected strong market confidence in FirstHoldCo’s business model, long-term vision and growth prospects.

“With a fortified capital base, FirstBank is positioned to accelerate real sector support, deepen financial inclusion and deliver innovative, digitally driven customer experiences,” Ijabiyi said.

He added that the recapitalisation strengthens financial resilience and provides a platform for earnings growth through expansion, technology and new opportunities.

In March 2024, the CBN directed commercial banks to raise minimum capital to N500 billion within 24 months to strengthen sector stability.

Ijabiyi said FirstBank had fulfilled the requirement well ahead of the regulatory deadline.

He said FirstHoldCo plans to raise fresh funding in 2026 to inject additional capital into subsidiaries and new business adjacencies.

According to him, the move aims to enhance service offerings and support strategic expansion.

Commenting, Chairman, Mr Femi Otedola, thanked shareholders for their trust and support throughout the capitalisation programme.

“Securing FirstBank’s capital base ahead of schedule positions us firmly for our next growth phase,” Otedola said, appreciating guidance from the CBN and SEC.

Group Managing Director, Mr Wale Oyedeji, said the capital raise strengthens execution of strategic priorities and delivery of lasting value to stakeholders.

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FBN Quest Repossesses Nestoil HQ As $1bn Debt Row Deepens

Published

2 months ago

December 1, 2025

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FBN Quest Repossesses Nestoil HQ As $1bn Debt Row Deepens—-Nestoil’s financial woes have taken a turn for the worse as FBN Quest Merchant Bank and First Trustees Limited repossessed the company’s Lagos headquarters over a $1 billion debt. Armed policemen were stationed at the entrance of the building, and the multi-storey facility at 41/42 Akin Adesola Street, Victoria Island, Lagos, was sealed and marked as repossessed.

This latest development follows a Court of Appeal ruling that reversed an earlier Federal High Court decision, allowing the receiver-manager to take over Nestoil’s assets. The debt, reportedly exceeding $1.01 billion and ₦430 billion, has been a longstanding issue for the oil and gas services group.

Nestoil had previously stated that the matter was a commercial dispute being addressed through legal channels, assuring stakeholders that operations remain unaffected across all business lines. However, the repossession of its headquarters signals a new phase in the years-long battle between Nestoil and its creditors.

A federal high court in Lagos had earlier, on October 22, 2025, issued a Mareva order authorising First Trustees and its subsidiary, FBNQuest Merchant Bank, to assume control of the company’s assets.

Justice D. I. Dipeolu granted the injunction against the defendants — Nestoil Limited, its affiliate Neconde Energy Limited, and the principal promoters, Ernest Azudialu-Obiejesi and Nnenna Obiejesi.

Dipeolu restrained all dealings relating to $1,012,608,386.91 and N430,014,064,380.77 — the total indebtedness as of September 30, 2025.

There were also additional debts personally guaranteed by Azudialu-Obiejesi, including over N366.8 billion, $61.2 million, $152 million, and N10.4 billion owed to Access Bank, First Bank, and Zenith Bank.

However, Nestoil and its promoters later approached a federal high court seeking to set aside the Mareva order prior to the latest development.

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