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Our Response to Media Reports Regarding Internal Breach in February 2022 – Glade

Our Response to Techcabal’s Publication

It has been brought to our attention that TechCabal recently ran a story that was published on the 19th day of June, 2023. The said story is replete with half-truths designed to misinform the general public and borders on an attempt to sensationalize old news to gain readership. We, ordinarily, would have ignored the story by TechCabal as mere clickbait but given the sensitive nature of our business at Glade, we believe that it is important to state the correct facts for the information of our Stakeholders, Customers and the general public.

First, the internal breach incident at Glade occurred over a year ago, in February 2022, and the situation was adequately addressed and controlled.

We addressed the incident by reinforcing our security systems to prevent future occurrences. We also reported the incident to the authorities, leading to arrests, recoup of funds, and an ongoing investigation by the Economic and Financial Crimes Commission.

Following the breach, we’ve implemented robust measures to ensure customer funds’ safety and prevent compromise. Contrary to the report by TechCabal, we maintained transparency and accountability by adequately informing our investors about the incident. We reassured our customers that their funds remained secure throughout the period. Safeguarding Customer assets is of utmost importance to us at Glade, and we have taken decisive actions to fortify our security measures.

It is essential to note that this incident occurred before we participated in the Techstars program and before the hiring of Temitope Senami- Hundeyin  (Tope Tunde-Alli) as our Chief Operating Officer/Co-founder in March 2022. In March 2023, her employment was terminated due to poor performance and, among other concerns, a conflict of interest that led to her lack of dedication and commitment (Our investigation found that Temitope started her own fintech startup while still employed by Glade and being paid. This was in violation of her agreement with Glade. The website went live on December 13, 2022.). Her termination had nothing to do with the breach over a year ago, and neither was it a fallout on the management style at Glade, as TechCabal would want the public to believe.

The Intentions of TechCabal appear to be suspect, given that when they reached out to our CEO a month ago, they were provided with the correct facts of what truly transpired.

Glade has continuously evolved its corporate governance practices to meet global industry standards as our operations expand. We operate under the guidance of independent advisors who objectively oversee our management team. This commitment to sound governance practices demonstrates our dedication to maintaining high integrity and trust.

At Glade, we prioritize fostering open communication with our Shareholders and Stakeholders. As we continue to grow and expand, we assure our Customers and Stakeholders that we will continue to strengthen our security infrastructure to provide the highest level of protection whilst upholding transparency in all our business.


Date: June 20, 2023