The Economic and Financial Crimes Commission (EFCC), Uyo Zonal Directorate, has arraigned three individuals, Akaninyene Enefiok Archibong, Sylvanus Edet Akpan, and Glory Enefiok Archibong, before Justice Maurine Onyetenu of the Federal High Court sitting in Uyo, Akwa Ibom State, over alleged fraud, conspiracy, and money laundering involving ₦174,226,610.
The trio were arraigned on Friday, November 7, 2025, on a 22-count charge bordering on stealing, criminal diversion, and laundering of proceeds of crime.
One of the charges accused Akaninyene Archibong of fraudulently taking possession of ₦58.6 million between January and December 2022 through his First Bank account, knowing it was proceeds of an unlawful act.
Another count alleged that Glory Archibong received ₦14.09 million through her Zenith Bank account, also suspected to be part of laundered funds.
All three defendants pleaded not guilty when the charges were read to them.
Prosecution counsel, Oluwatimileyin Faleye, prayed the court to fix a date for trial, while defence counsel, Imeh Eduk and Ndifreke Inyangette, sought a short adjournment to enable them file formal bail applications.
They also made an oral bail plea for the third defendant, Glory Archibong, on the ground that she is a nursing mother.
Justice Onyetenu granted Glory Archibong bail in the sum of ₦30 million with two sureties in like sum, who must own 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 their bail hearing.
The case was adjourned to January 27, 2026, for bail consideration and commencement of trial.
According to the EFCC, the defendants were arrested following a petition by Mr. Ubong Bassey Okon, Managing Director of Ubotex Nigeria Limited, a building materials company in Uyo. Okon alleged that Akaninyene Archibong and Sylvanus Akpan, who worked as the company’s cashier and auditor respectively, conspired to divert company funds into personal accounts using falsified payment vouchers.
Investigations further revealed that portions of the stolen funds were transferred to Akaninyene’s younger sister, Glory Archibong, who allegedly helped launder the proceeds through property acquisitions and construction projects to conceal their source.
