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NDPC Fines Fidelity Bank N555.8m for Data Violation

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Nigeria Data Protection Commission has ordered Fidelity Bank PLC to pay a sum of N555,800,000 (Five Hundred and Fifty-Five-Million-Eight Hundred-Thousand naira) only being 0.1% of the Bank’s annual gross revenue in 2023 for violating Nigeria Data Protection Act, 2023 and Nigeria Data Protection Regulation, 2019.

The Commission disclosed this on Wednesday through a statement released and signed by Babatunde Bamigboye, Esq. Head of Legal, Enforcement and Regulations.

The statement further noted that the financial institution must pay this fine within 14 days upon the receipt of the Notice.

NDPC noted that investigation into the data processing activities of Fidelity Bank PLC was triggered by a complaint from a data subject whose personal data was collected without lawful basis for the purposes of opening an account for the data subject.

According to the statement the complaint was lodged with the Commission in April 2023.

“The Commission reviewed the data processing platforms of Fidelity Bank and found that in certain critical cases, the Bank processes personal data without informed consent of data subjects. Data processing tools such as cookies and banking apps were deployed in violation of the NDP Act. Its banking App at the material time had been downloaded over one million times.

“Apart from internal non-compliance, the Bank relies on some non-compliant third-party data processors. The law not only enjoins an organization to be compliant, it also mandates its relevant vendors, agents or contractors, among others to be accountable when handling personal data of individuals.

“It is to be noted that the initial decision of the Commission was issued since July 2023 and a directive to pay a remedial fee was issued in December 2023 Over ten correspondences were exchanged. The Commission issued repeated warnings to no avail.

“The Commission gave several opportunities for full accountability for over one year – taking into account the need to encourage compliance as a culture. However, Fidelity Bank did not provide requisite, satisfactory remedial plan” the statement added.

Speaking about the development development, Dr. Vincent Olatunji, National Commissioner and CEO of the Nigeria Data Protection Commission, enjoined Data Controllers and Data Processors to eschew acts that may undermine trust and confidence in Nigeria’s capacity to protect data driven decisions and transactions.

Dr. Olatunji noted that without demonstrable assurance of accountability in the exchange of goods and services, economic growth would be gravely hampered. However, through compliance with laws that protect freedoms of individuals, their lives and livelihoods, Nigeria will witness more and more momentum for sustainable development.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Yahoo Mail Halts Free Storage Service, Caps at 20GB

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Yahoo Mail has announced a major shift in its storage policy, slashing the free email storage cap to 20GB and rolling out a new subscription model starting at $1.99 per month for 100GB.

The change, which takes effect immediately, marks a significant downgrade for many long-time users who have grown accustomed to Yahoo’s previously generous storage offering.

In a notice sent to users on Tuesday, the company urged account holders to review their current storage usage and consider paid upgrade options to avoid disruptions.

“Once you reach the 20GB limit, you will no longer be able to send or receive emails unless you either delete existing messages or upgrade your account,” the notice warned.

While access to inboxes will remain intact for now, users will be forced to clean up their accounts or move to a paid tier to maintain full functionality.

Yahoo has unveiled two new storage plans which are 100GB for $1.99/month and 1TB for $9.99/month.

For those seeking a more premium experience, Yahoo is also offering Yahoo Mail Plus, which includes 200GB of storage, an ad-free interface, and additional features. However, users opting for the 100GB and 1TB tiers will still be served ads, a move likely to frustrate those paying for expanded capacity.

To ease the transition, Yahoo is rolling out new tools to help users manage their inboxes more efficiently. These include real-time storage tracking, a usage dashboard, sorting options for large emails, and an attachment manager to help clear out space-consuming files.

Despite the enhancements, the abrupt downgrade has sparked concerns among users, particularly those with email archives spanning more than a decade. Critics argue the change could pressure many into paying for what was previously free, without a proportionate upgrade in value, especially considering ads remain in place for all but the premium Plus tier.

Yahoo’s new model brings it closer to competitors like Gmail, which offers 15GB of free storage shared across Gmail, Google Drive, and Google Photos. Google’s paid plans also begin at $1.99/month for 100GB, but offer additional benefits such as photo backups and expanded cloud services. Gmail also provides a cleaner experience, with minimal ads even on its free plan.

Yahoo Mail’s new 20GB limit applies exclusively to email storage, a slight advantage for users who don’t rely heavily on broader cloud services. But the real test will be how users respond to the newly imposed constraints and whether the value proposition is strong enough to convert them into paying subscribers.

 


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CAC to Delist 100,000 Dormant Firms After 90-Day Compliance Window

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Corporate Affairs Commission (CAC) in Nigeria has announced a significant move to strike off approximately 100,000 dormant companies from its register due to their failure to file annual returns for over a decade.

This initiative, aimed at cleaning up the nation’s business registry, was confirmed in a statement released by the CAC on Tuesday, 29 July 2025. The commission has granted these companies a 90-day grace period to submit all outstanding annual returns or face permanent removal from the database.

The CAC’s action is grounded in Section 692 (3) (4) of the Companies and Allied Matters Act (CAMA) No. 3 of 2020, which empowers the commission to delist defunct or inactive companies.

The statement, published on the CAC’s official website, urges affected companies to file their overdue returns and notify the commission via email at activation@cac.gov.ng to avoid being struck off.

The commission has also made it clear that it is illegal to conduct business under the name of a delisted company, as such entities are considered dissolved.

Registrar General Garba Abubakar previously noted that nearly 90% of registered companies in Nigeria are dormant, highlighting the scale of non-compliance. This crackdown is part of a broader effort to enhance transparency and ensure a robust business environment in Nigeria.

The CAC has advised stakeholders to verify the status of companies before engaging in transactions, warning that dealing with a dissolved company could lead to legal repercussions. Only a Federal High Court order can reinstate a delisted company, underscoring the gravity of the process.

The list of affected companies, numbering around 100,000, has been published on the CAC’s website, allowing businesses to check their status. Companies that have already filed complete annual returns but find themselves listed have been instructed to provide evidence of compliance by emailing compliance@cac.gov.ng within the 90-day window.

This initiative follows earlier warnings from the CAC, including a December 2024 announcement to delist 91,843 companies and a subsequent removal of 80,429 companies in November 2024, which included notable names like Innoson “Vinod” International Limited and Jolly Food Industries Ltd.

The 90-day grace period, starting from 29 July 2025, offers a final opportunity for these companies to regularise their status.

The CAC’s decisive action signals a commitment to fostering accountability and compliance within Nigeria’s corporate landscape, raising important questions about the operational challenges facing thousands of registered businesses.

As the deadline approaches, the commission’s efforts are expected to reshape the country’s business ecosystem, ensuring only active and compliant entities remain on the register.


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InfraCredit, AMDA Sign Partnership to Unlock Local Financing for Africa’s Mini-grid Sector

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InfraCredit, a specialised infrastructure credit guarantee institution, has entered into a strategic partnership with the Africa Minigrid Developers Association (AMDA) to boost access to long-term local currency financing for mini-grid and distributed renewable energy (DRE) projects across Africa.

The agreement aims to strengthen market development and address long-standing financing barriers in the mini-grid sector, especially in Nigeria and other underserved African markets.

The collaboration is aligned with InfraCredit’s Clean Energy Funding Programme (CEFP), which offers credit enhancement, due diligence support, and technical assistance to renewable energy developers.

“With an estimated 86 million Nigerians, alongside hundreds of millions across Africa—still living without electricity, bridging this energy access gap demands a pipeline of investment-ready, well-prepared projects that can unlock scalable capital and accelerate financial close,” said Chinua Azubike, CEO of InfraCredit.

“This partnership creates a practical pathway to scale the impact of our Clean Energy Funding Programme by equipping more developers to structure commercially viable mini-grid and DRE projects that qualify for long-term local currency finance,” Azubike added.

Through the agreement, both InfraCredit and AMDA will work together to facilitate technical assistance, share toolkits, and deploy credit modelling frameworks, including InfraCredit’s Distributed Renewable Energy Lending Toolkit (DRELT) and DRE Credit Rating Model. These tools aim to enhance the bankability of projects and improve developers’ ability to secure patient capital in local currency.

AMDA, which represents mini-grid developers operating in over 20 African countries, brings deep sector expertise and a strong network of DRE operators to the partnership.

According to Lamide Niyi-Afuye, CEO of AMDA, the collaboration addresses one of the most persistent challenges in the sector.

“We are pleased to collaborate with InfraCredit to address one of the most persistent barriers in the minigrid sector, access to affordable, long-term local currency finance,” said Niyi-Afuye.

“By aligning AMDA’s advocacy and technical support efforts with InfraCredit’s proven models and tools, we aim to accelerate the deployment of resilient, decentralised energy solutions that deliver tangible socioeconomic benefits in Africa. We view this partnership as a blueprint that will be used beyond borders, paving the way for broader regional impact,” he added.

The partnership will also support the development of transaction-ready pipelines, capacity-building initiatives, and investor-developer forums aimed at improving market transparency and accelerating the roll-out of commercially viable mini-grids.

By facilitating access to domestic blended finance and strengthening project preparation, the partnership hopes to unlock greater private sector participation, mobilise local capital, and expand clean energy access across unserved and underserved communities in Africa.


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