A High Court sitting in Adamawa has sentenced Grace Andreas Karka, the Managing Director of Bonghe Microfinance Bank, to five years’ imprisonment over her role in a ₦32 million fraud case.
Justice Benjamin Lawan Manji found Karka guilty of criminal conspiracy and cheating after the Economic and Financial Crimes Commission (EFCC) prosecuted the matter.
According to the EFCC, between August 2020 and March 2021, Karka, alongside her accomplice, Prince Moses Batalu, unlawfully diverted about ₦66.7 million from the bank’s account without proper authorisation.
When the trial began in November 2024, Karka pleaded not guilty. However, after the court reviewed several witnesses’ testimonies and evidence, it held that the prosecution had successfully proven its case beyond reasonable doubt.
Justice Manji sentenced her to five years in prison, with an option to pay a ₦3 million fine on each count, both of which are to run concurrently. In addition, the court ordered her to refund ₦29.8 million to the bank.
The fraudulent activity was uncovered following an internal audit conducted in 2021, which detected suspicious transfers from the bank’s account to an individual who was not a customer. Further investigations later confirmed that Karka personally authorised those transactions.
