By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC) has arrested two officials of Ubotex Limited, Uyo, Akwa Ibom State, over their alleged involvement in a N275 million fraud.
According to an official signed statement by Dele Oyewale, Head, Media and Publicity, the suspects Sylvanus Edet Akpan, an auditor, and Akaninyene Enefiok Achibong, a cashier were apprehended on April 25 and May 12, 2025, respectively, by operatives of the EFCC’s Uyo Zonal Directorate.
Their arrest followed a petition from the management of Ubotex Limited alleging that the two staff members manipulated company accounts and conspired to defraud the firm through criminal breach of trust, forgery, and conversion of funds.
The petitioner had commissioned an external auditor to investigate the company’s financial records from 2021 to 2025. The audit revealed that the suspects generated fictitious payment vouchers, forged signatures of staff responsible for financial approvals, and illegally diverted company funds.
Initially, the fraud was suspected to be around N200 million. However, after a comprehensive review, the audit uncovered that a total of N275 million had been stolen.
Both Akpan and Achibong have reportedly admitted to the crimes and are expected to be charged to court upon conclusion of investigations.
The EFCC reiterated its commitment to holding individuals accountable for financial crimes and safeguarding corporate and public resources from abuse.
