Bank MD Jailed Five Years Over ₦32m Fraud — EFCC
A High Court in Adamawa State has sentenced Grace Karka, Managing Director of Bonghe Microfinance Bank, to five years in prison for diverting ₦32 million from the bank’s account.
Justice Benjamin Lawan Manji delivered the judgment after the court found Karka guilty of criminal conspiracy and cheating following her trial by the EFCC. Prosecutors told the court that between August 2020 and March 2021, Karka illegally transferred the funds to an individual identified as Prince Moses Batalu without authorization.
Karka, who pleaded not guilty during her arraignment in November 2024, was convicted after the EFCC presented witnesses and documents that convinced the court she committed the offence.
She was sentenced to five years imprisonment with an option of ₦3 million fine on each count, to run concurrently. The court also ordered her to restitute ₦29.8 million to the bank.
The case followed an internal audit in 2021 that uncovered unauthorized transfers to an account belonging to someone who was not a customer of the bank
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