The Economic and Financial Crimes Commission (EFCC) has apprehended two officials of Ubotex Limited in Uyo, Akwa Ibom State, for allegedly defrauding the company of N275 million.
According to a statement released on Thursday by EFCC Spokesperson, Dele Oyewale, the suspects - Sylvanus Edet Akpan, the company's Auditor, and Akaninyene Enefiok Archibong, the Cashier - were arrested separately on April 25 and May 12, 2025, respectively.
The arrests followed a petition alleging that the duo manipulated the company's accounts and fraudulently diverted funds. The petitioner had initially suspected a theft of N200 million but an external audit revealed the actual amount to be N275 million.
"The petitioner employed the services of an external auditor to review and audit the financial activities of the company between 2021 and 2025 and discovered that the suspects conspired, falsified account books, and defrauded the company by generating fictitious payment vouchers," Oyewale stated.
The investigation further revealed that the suspects forged signatures of staff members responsible for various financial approvals to facilitate the fraud.
The EFCC spokesperson confirmed that both suspects have admitted to the crimes and will be charged to court soon.
This case highlights the growing concern over corporate fraud in Nigeria, with the EFCC intensifying efforts to combat financial crimes across various sectors of the economy.
