EFCC arrests 2 Ubotex limited staff over alleged N275m fraud in Uyo

The Economic and Financial Crimes Commission (EFCC) has arrested two staff members of Ubotex Limited in Uyo, Akwa Ibom State, over an alleged multi-million naira fraud involving N275 million.

In a statement released on Thursday, the EFCC revealed that the suspects—Sylvanus Akpan, an auditor, and Akaninyene Achibong, a cashier—were taken into custody for their alleged roles in a criminal conspiracy that included forgery, breach of trust, and misappropriation of company funds.

The arrests were carried out by operatives from the EFCC’s Uyo Zonal Directorate on April 25 and May 12, 2025, respectively. The agency stated that both individuals are believed to have collaborated in siphoning the funds over a period of time, raising serious concerns about internal financial controls within the company.

Investigations are ongoing, and the EFCC has assured the public that the suspects will be prosecuted accordingly once all findings are concluded.

The arrests stemmed from a petition filed by an individual who claimed the two staff members manipulated Ubotex Limited’s financial records and unlawfully diverted a substantial sum from the company’s accounts.

The petitioner reportedly engaged an independent auditor to examine the company’s financial transactions between 2021 and 2025. During the audit, it was allegedly uncovered that the suspects colluded to falsify the company’s financial documents, including the creation of fake payment vouchers, to siphon off funds.

The auditors also found evidence suggesting that the suspects forged the signatures of designated staff members to facilitate the fraudulent withdrawals.

Initially, the petitioner suspected that N200 million had gone missing, but after the audit, the actual figure was determined to be N275 million.

Both Akpan and Achibong have reportedly confessed to the allegations and are expected to face charges in court soon.