Rismadarvoice- 13 November, 2025
Economic and Financial Crimes Commission (EFCC), Uyo Zonal Directorate, has arraigned Akaninyene Enefiok Archibong, Sylvanus Edet Akpan and Glory Enefiok Archibong before Justice Maurine Onyetenu of the Federal High Court, Uyo, Akwa Ibom State, over alleged fraud and money laundering amounting to ₦174,226,610.
The trio were arraigned on a 22-count charge bordering on stealing, conspiracy, money laundering and criminal diversion of funds belonging to Ubotex Nigeria Limited, a building materials company based at Ifa Ikot Okpon Timber Market, Uyo.
One of the charges reads: “That you, Akaninyene Enefiok Archibong, sometime between January and December 2022, in Nigeria, within the jurisdiction of this Honourable Court, fraudulently took possession of the sum of ₦58,600,500.00 through your First Bank account number 3055162976, knowing that the money formed part of the proceeds of an unlawful act, to wit: stealing by conversion, contrary to Section 18(2)(d) of the Money Laundering (Prohibition and Prevention) Act, 2022, and punishable under Section 18(3) of the same Act.”
Another count reads: “That you, Glory Enefiok Archibong, sometime in 2022, in Nigeria, within the jurisdiction of this Honourable Court, took possession of the sum of ₦14,090,000.00 through your Zenith Bank account number 2256436893, knowing that the money formed part of the proceeds of an unlawful act, to wit: money laundering, and thereby committed an offence contrary to Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering (Prohibition and Prevention) Act, 2022.”
All three defendants pleaded not guilty to the charges.
Following their plea, prosecution counsel, Oluwatimileyin Faleye, prayed the court to fix a date for trial to enable the prosecution to present its case.
Defence counsel, Imeh Eduk and Ndifreke Inyangette, requested a short adjournment to file formal bail applications for their clients and made an oral application for the third defendant, Glory Archibong, citing her status as a nursing mother.
After listening to both sides, Justice Onyetenu granted bail to Glory Archibong in the sum of ₦30 million, with two sureties in like sum, each owning landed property within the jurisdiction of the court.
The judge ordered that Akaninyene Archibong and Sylvanus Akpan be remanded at the Nigerian Correctional Service facility in Uyo pending the determination of their bail applications.
The matter was adjourned to January 27, 2026, for bail hearing and commencement of trial.
According to the EFCC, the defendants were arrested in Uyo following a petition by Mr. Ubong Bassey Okon, Managing Director of Ubotex Nigeria Limited, who alleged that the company’s cashier and auditor: Akaninyene Archibong and Sylvanus Akpan conspired to divert company funds into their personal accounts through forged payment vouchers and falsified authorizations.
Investigations further revealed that Glory Archibong, younger sister to the first defendant, received portions of the diverted funds, which she allegedly laundered through property acquisitions and construction projects, aimed at concealing the illicit origins of the money.
