Glade, a Nigerian fintech startup, has strongly denied reports of an internal hack resulting in a loss of $214,000. The news, initially published by TechCabal and other media outlets, claimed that Glade had suffered a breach and that its co-founder, Temitope Hundeyin, had left the company due to being sidelined. However, Glade issued a press statement refuting the allegations, stating that the breach occurred over a year ago in February 2022 and was promptly addressed and controlled. The company reinforced its security systems, reported the incident to authorities, leading to arrests and the recovery of funds, and is cooperating with an ongoing investigation by the Economic and Financial Crimes Commission. Glade emphasized that robust measures have been implemented to safeguard customer funds and prevent compromises. Regarding Hundeyin's termination, Glade stated that it was unrelated to the breach but rather due to poor performance, a conflict of interest, and lack of dedication and commitment. Cyber fraud has been a significant issue in Nigeria's fintech space, with several companies reporting financial breaches in recent years.

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