By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC) has arraigned three individuals Akaninyene Enefiok Archibong, Sylvanus Edet Akpan, and Glory Enefiok Archibong before Justice Maurine Onyetenu of the Federal High Court sitting in Uyo, Akwa Ibom State, over an alleged ₦174.2 million fraud involving Ubotex Nigeria Limited.
According to a statement by the EFCC Spokesperson, Dele Oyewale, the defendants were arraigned on Friday, November 7, 2025, before the court on a 22-count charge bordering on stealing, conspiracy, money laundering, and criminal diversion of funds totaling ₦174,226,610 (One hundred and seventy-four million, two hundred and twenty-six thousand, six hundred and ten naira).
One of the charges against the first defendant reads:
“That you, Akaninyene Enefiok Archibong, sometime between January and December 2022, in Nigeria, within the jurisdiction of this Honourable Court, fraudulently took possession of the sum of ₦58,600,500.00 through your First Bank account number 3055162976, knowing that the money formed part of the proceeds of an unlawful act, to wit: stealing by conversion, contrary to Section 18(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2022, and punishable under Section 18(3) of the same Act.”
Another count reads:
“That you, Glory Enefiok Archibong, sometime in 2022, in Nigeria, within the jurisdiction of this Honourable Court, took possession of the sum of ₦14,090,000.00 through your Zenith Bank account number 2256436893, knowing that the money formed part of the proceeds of an unlawful act, to wit: money laundering, and thereby committed an offence contrary to Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering (Prohibition and Prevention) Act, 2022.”
The three defendants pleaded not guilty to all charges when they were read to them in open court.
In view of their pleas, prosecution counsel, Oluwatimileyin Faleye, urged the court to fix a date for trial to enable the prosecution to present its case. Defence counsels, Imeh Eduk and Ndifreke Inyangette, however, prayed the court for a short adjournment to file formal bail applications for their clients. They also made an oral bail application for the third defendant, Mrs. Glory Archibong, citing her status as a nursing mother.
After listening to both parties, Justice Onyetenu granted bail to the third defendant in the sum of ₦30 million, with two sureties in like sum, who must own landed properties within the court’s jurisdiction. The court further ordered that the first and second defendants, Akaninyene Archibong and Sylvanus Akpan, be remanded at the Nigerian Correctional Service facility in Uyo pending their bail hearing.
The matter was adjourned till January 27, 2026, for hearing on bail applications and commencement of trial.
According to the EFCC, the defendants were arrested following a petition by Mr. Ubong Bassey Okon, Managing Director of Ubotex Nigeria Limited, a building materials company located at Ifa Ikot Okpon Timber Market in Uyo.
The petitioner alleged that Akaninyene Archibong and Sylvanus Akpan, who worked in the company as cashier and auditor respectively, conspired to divert company funds into their personal accounts by manipulating financial records and forging payment authorizations.
Further investigations by the EFCC revealed that portions of the stolen funds were transferred by Akaninyene to his younger sister, Glory Archibong, who allegedly assisted in laundering the proceeds through property acquisition and construction projects intended to conceal the illicit origins of the funds.
The EFCC maintained that it remains committed to ensuring that individuals and corporate entities involved in financial crimes are brought to justice in line with its mandate to promote integrity and transparency in Nigeria’s financial system.
