Court jails ex-bank MD five years for N32m fraud in Adamawa

The Adamawa State High Court has sentenced the former Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, to five years imprisonment for criminal conspiracy and cheating involving ₦32 million.

Justice Benjamin Lawan Manji delivered the judgment, following Karka’s prosecution by the Economic and Financial Crimes Commission (EFCC), according to a statement released on Thursday by the Commission.

Karka was arraigned by the EFCC’s Gombe Zonal Directorate on two counts bordering on criminal conspiracy and cheating, contrary to Section 61(2) of the Adamawa State Penal Code Law, 2018.

The case originated from a petition filed by Bonghe Microfinance Bank after an internal audit in 2021 revealed irregular transfers from its account to an individual who was not a customer of the bank.

Further investigation uncovered that Karka had unauthorisedly transferred ₦32 million to one Prince Moses Batalu without the bank’s approval. Efforts to recover the funds were unsuccessful.

She was arraigned on November 11, 2024, and pleaded not guilty, but the EFCC presented multiple witnesses and documents proving her involvement.

In his judgment on October 17, 2025, Justice Manji ruled that the prosecution had established its case beyond reasonable doubt and convicted 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.

She was also ordered to restitute ₦29,877,040 to the petitioner, Bonghe Microfinance Bank.