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A High Court in Adamawa has sentenced Grace Andreas Karka, Managing Director of Bonghe Microfinance Bank, to five years in prison for her involvement in a ₦32 million fraud.
Justice Benjamin Lawan Manji found Karka guilty of criminal conspiracy and cheating, following a case filed by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, between August 2020 and March 2021, Karka and her accomplice, Prince Moses Batalu, illegally transferred about ₦66.7 million from the bank’s account without approval.
She pleaded not guilty when the case started in November 2024, but after several witnesses and pieces of evidence were presented, the court ruled that the prosecution had proved its case beyond reasonable doubt.
Justice Manji sentenced her to five years in jail, with an option of paying a ₦3 million fine on each count, both running at the same time. She was also ordered to refund ₦29.8 million to the bank.
The fraud came to light after an internal audit in 2021 revealed suspicious transfers from the bank’s account to someone who wasn’t a customer. Further investigation showed that the transactions were authorized by Karka herself.
