A High Court sitting in Yola, Adamawa State, has sentenced the former Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, to five years in prison for embezzling ₦32 millionbelonging to her bank and transferring part of the stolen funds to a man identified as Prince Moses Batalu.
Delivering judgement, Justice Benjamin Lawan Manji found Karka guilty of criminal conspiracy and cheating after a thorough investigation and prosecution by the Economic and Financial Crimes Commission (EFCC).
According to the EFCC, the offenses occurred between August 2020 and March 2021, when Karka diverted large sums from the bank’s First Bank account (No. 201****57) to accounts linked to Batalu, a non-customer of the bank.
The fraud came to light during an internal audit that uncovered suspicious transactions and missing funds. After unsuccessful attempts to recover the money, the bank reported the matter to the EFCC.
During the trial, the prosecution presented multiple witnesses and documentary evidence linking Karka to the fraudulent transfers. Her defense, which called three witnesses, failed to convince the court.
Justice Manji therefore held that the EFCC had proven its case beyond reasonable doubt and sentenced Karka to five years in prison with an option of ₦3 million fine per count, to run concurrently. The court also ordered her to refund ₦29.8 million to the bank.
The conviction, filed under the Adamawa State Penal Code Law of 2018, underscores the EFCC’s ongoing efforts to tackle financial crimes and promote accountability in Nigeria’s banking sector.
