EFCC nabs 2 Ubotex staff over alleged N275m fraud in Akwa Ibom

The Economic and Financial Crimes Commission (EFCC) has arrested two employees of Ubotex Limited in Uyo, Akwa Ibom State, over their alleged involvement in a N275 million fraud scandal.

In a statement released on Thursday, the EFCC disclosed that the suspects—Sylvanus Akpan, an auditor, and Akaninyene Achibong, a cashier—were apprehended for offenses bordering on criminal conspiracy, breach of trust, forgery, and large-scale misappropriation of company funds.

According to the anti-graft agency, Akpan and Achibong were arrested on April 25 and May 12, 2025, respectively, by operatives of the EFCC’s Uyo Zonal Directorate.

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.