Justice Benjamin Lawan Manji of the Adamawa State High Court has convicted and sentenced the Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, to five years imprisonment for her involvement in a ₦32 million fraud.
Karka was prosecuted by the Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on criminal conspiracy and cheating.
According to one of the charges, Karka and one Prince Moses Batalu conspired between August 2020 and March 2021 in Yola, Adamawa State, to illegally transfer ₦66,792,960 from Bonghe Microfinance Bank’s account domiciled with First Bank Nigeria Limited without due approval, in violation of Section 61(2) of the Adamawa State Penal Code Law, 2018.
Upon her arraignment on November 11, 2024, Karka pleaded not guilty, prompting a full trial. EFCC counsel, Mubarak Tijani, presented multiple witnesses and documentary evidence to substantiate the case, while the defence called three witnesses.
Delivering judgment on October 17, 2025, Justice Manji held that the prosecution had proven its case beyond reasonable doubt and consequently found the defendant guilty on both counts.
The court sentenced Karka 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 the petitioner.
Karka’s conviction followed an internal audit by Bonghe Microfinance Bank in 2021, which uncovered irregular transactions involving unauthorized transfers to an account belonging to Prince Batalu, who was not a customer of the bank. Investigations revealed that Karka, as managing director, approved the transfer of ₦32 million without authorization, and all efforts to recover the funds failed.
The judgment marks another success in the EFCC’s ongoing efforts to combat financial misconduct and protect the integrity of Nigeria’s financial institutions.
