The Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, has been sentenced to five years’ imprisonment for her involvement in a ₦32 million fraud.
Justice Benjamin Lawan Manji of the Adamawa State High Court delivered the judgment on October 17, 2025, after finding Karka guilty of criminal conspiracy and cheating. She was prosecuted by the Economic and Financial Crimes Commission (EFCC), Gombe Zonal Directorate.
According to the EFCC, Karka and her accomplice, Prince Moses Batalu, conspired between August 2020 and March 2021 to divert ₦66.7 million from the bank’s account domiciled with First Bank Nigeria Limited without approval.
Delivering judgment, Justice Manji ruled that the prosecution had proven its case beyond reasonable doubt and sentenced Karka to five years in prison, with an option of ₦3 million fine on each of the two counts, to run concurrently. She was also ordered to refund ₦29.8 million to Bonghe Microfinance Bank — the balance of the stolen funds.
EFCC spokesperson Dele Oyewale said the conviction underscores the agency’s resolve to ensure accountability in the financial sector.
> “When a bank executive betrays the trust of shareholders and customers, the law must take its course,” Oyewale said. “Justice Manji’s verdict sends that message loud and clear.”
He added that an internal audit in 2021 exposed irregular fund transfers to a non-customer’s account, which led investigators to Karka.
Oyewale reaffirmed the EFCC’s commitment to pursuing cases of financial misconduct, noting that “financial crimes erode public confidence, and the Commission will continue to ensure justice without compromise.”
In a related case, the EFCC in June arraigned SunTrust Bank CEO Halima Buba and Executive Director Innocent Mbagwu before a Federal High Court in Abuja over an alleged $12 million money laundering scheme.
Their case is still ongoing.
