EFCC arrests auditor, cashier over alleged N275m fraud

The Economic and Financial Crimes Commission (EFCC) has taken into custody two employees of Ubotex Limited in Uyo, Akwa Ibom State, over allegations of a multi-million naira fraud.

According to a statement issued by the anti-graft agency on Thursday, Sylvanus Akpan, an auditor, and Akaninyene Achibong, a cashier, were arrested for their alleged involvement in a criminal conspiracy, breach of trust, forgery, and misappropriation of company funds amounting to N275 million.

The EFCC’s Uyo Zonal Directorate carried out the arrests on April 25 and May 12, 2025, respectively.

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.