I don't have an axis set up for the mouse scroll wheel because I don't use it in my game. NGUI, however, currently expects that if you're using the mouse, you must be using the scroll wheel. To get around this, I changed this part of UICamera.cs:
float scroll = Input.GetAxis(scrollAxisName);
if (scroll != 0f) Notify(mHover, "OnScroll", scroll);
to this:
if (!string.IsNullOrEmpty(scrollAxisName)) {
float scroll = Input.GetAxis(scrollAxisName);
if (scroll != 0f) Notify(mHover, "OnScroll", scroll);
}