The Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, has been sent to prison after an Adamawa State High Court convicted her of masterminding a multimillion-naira fraud.
Justice Benjamin Lawan Manji found Karka guilty of criminal conspiracy and cheating involving N32 million, sentencing her to five years in prison, though with an option of a N3 million fine on each count.
Prosecuted by the Economic and Financial Crimes Commission, EFCC, Gombe Zonal Directorate, Karka’s downfall stemmed from revelations that between August 2020 and March 2021, she and one Prince Moses Batalu allegedly siphoned N66.7 million from the bank’s First Bank account without approval.
The fraud came to light after a 2021 audit exposed unauthorized transfers to a non-customer account, which was traced back to Karka and her accomplice. Despite efforts, the stolen funds could not be recovered.
Delivering judgment on October 17, 2025, Justice Manji ordered Karka to refund N29.8 million to Bonghe Microfinance Bank.
Karka, who initially pleaded not guilty, faced a full trial before the weight of evidence — including bank records and witness testimonies — sealed her fate.
Her conviction, the EFCC said, underscores its renewed drive to clean up the microfinance sector and hold bank executives accountable for financial misconduct.
