Grace Andreas Karka, the managing director of Bonghe Microfinance Bank, was found guilty of fraud and given a five-year prison sentence by Adamawa State High Court Judge Benjamin Lawan Manji.
Karka was charged with two charges of criminal conspiracy and defrauding involving N32 million by the Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
The EFCC claims that Karka and a man named Prince Moses Batalu planned to fraudulently transfer N66.7 million from the bank's account with First Bank Nigeria Limited between August 2020 and March 2021 without the required authorization, in violation of Section 61(2) of the Adamawa State Penal Code Law, 2018.
Karka was charged with two charges of criminal conspiracy and defrauding involving N32 million by the Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
The EFCC claims that Karka and a man named Prince Moses Batalu planned to fraudulently transfer N66.7 million from the bank's account with First Bank Nigeria Limited between August 2020 and March 2021 without the required authorization, in violation of Section 61(2) of the Adamawa State Penal Code Law, 2018.
When Karka was charged on November 11, 2024, she entered a not guilty plea. This led to a full trial in which the prosecution produced witnesses and filed papers as proof.
She was found guilty on both counts by Justice Manji, who delivered her decision on October 17, 2025, and sentenced her to five years in prison with a fine of N3 million for each count. Concurrent operation of the sentences is required.
Additionally, the court mandated that Karka return N29.8 million to Bonghe Microfinance Bank.
Karka's conviction, according to the EFCC, came after an audit in 2021 found that she and Batalu were responsible for illicit transfers from the bank's account to a non-customer.
Apparently, every attempt to retrieve the money that was diverted was unsuccessful.
She was found guilty on both counts by Justice Manji, who delivered her decision on October 17, 2025, and sentenced her to five years in prison with a fine of N3 million for each count. Concurrent operation of the sentences is required.
Additionally, the court mandated that Karka return N29.8 million to Bonghe Microfinance Bank.
Karka's conviction, according to the EFCC, came after an audit in 2021 found that she and Batalu were responsible for illicit transfers from the bank's account to a non-customer.
Apparently, every attempt to retrieve the money that was diverted was unsuccessful.
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