Bonghe Microfinance Bank Ex-MD, Grace Karka has been jailed 5 years for ₦32 million fraud in Adamawa.
NewsOnline Nigeria reports that the Adamawa State High Court has sentenced the former Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, to five years imprisonment for her role in a ₦32 million fraud involving criminal conspiracy and cheating.
Justice Benjamin Lawan Manji delivered the judgment in Yola, according to a statement released by the Economic and Financial Crimes Commission (EFCC) on Thursday.
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Karka was prosecuted by the Gombe Zonal Directorate of the EFCC on a two-count charge bordering on criminal conspiracy and cheating to the tune of ₦32,000,000, in violation of the Adamawa State Penal Code Law, 2018.
How the Fraud Was Uncovered
The case began after Bonghe Microfinance Bank conducted a financial audit of its accounts in 2021, which revealed irregular transfers and unbalanced ledgers linked to an individual who was not a customer of the bank.
According to the EFCC, further investigations showed that Karka, while serving as Managing Director, had illegally transferred ₦32 million to one Prince Moses Batalu without board approval. All efforts by the bank to recover the funds reportedly failed.
One of the charges read:
“That you, Grace Andreas Karka, and Prince Moses Batalu, between August 2020 and March 2021 in Yola, Adamawa State, within the jurisdiction of this Honourable Court, did agree amongst yourselves to commit an illegal act, to wit: theft in the sum of ₦66,792,960.00 from Bonghe Microfinance Bank Nigeria Limited… contrary to Section 61(2) of the Adamawa State Penal Code Law, 2018.”
Trial and Conviction
Karka was arraigned on November 11, 2024, and pleaded not guilty to the charges. During the trial, EFCC counsel Mubarak Tijani presented witnesses and tendered documents to establish the bank’s claims, while the defence also called three witnesses to counter the allegations.
Delivering judgment on October 17, 2025, Justice Manji ruled that the EFCC had proved its case beyond reasonable doubt, convicting Karka on both counts.
The court sentenced her to five years imprisonment, with an option of ₦3 million fine on each count, to run concurrently. Additionally, she was ordered to restitute ₦29,877,040 to Bonghe Microfinance Bank.
