The auditor of Ubotex Limited Sylvanus Edet Akpan has been arrested by the Economic and Financial Crimes Commission (EFCC), alongside a cashier, Akaninyene Achibong for allegedly defrauding the company of N275 million.
Penpushing reports that the commission spokesperson, Dele Oyewale, made this known in a statement on Thursday adding that the suspects have confessed to the crime during interrogation
The statement stated that the two staff members were arrested separately on April 25 and May 12, 2025 in Uyo for alleged criminal conspiracy, breach of trust, forgery and stealing by conversion to the tune of N275 million.
‘Their arrest was based on the claims of a petitioner who alleged that the duo manipulated the accounts of Ubotex Limited and fraudulently stole N275 million from the company’, Oyewale wrote.
“The petitioner allegedly 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 and falsified account books and defrauded the company of N275m by generating fictitious payment vouchers’, the statement said.
Penpushing further reports that the commission, said the auditors discovered that the suspects also forged the signatures of other staff members and used them to steal funds from the company.
“The petitioner suspected that N200m was allegedly stolen by the suspects, but when the external auditors completed their reviews, they discovered that N275m was actually stolen by the suspects. Both suspects admitted to the crimes and will be charged to court soon’, the agency stated.
Penpushing also reports that the Uyo-based indigenous company was founded in 2002, and began as a cement distribution and building materials supply enterprise, while it has, over the years, grown into a diversified enterprise, spanning construction, transportation, hospitality and luxury retail.
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