Justice Benjamin Lawan Manji of the Adamawa State High Court has convicted and sentenced the Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, to five years imprisonment for criminal conspiracy and cheating involving N32 million.
Karka was prosecuted by the Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) on a two-count charge bordering on conspiracy and fraud.
She was accused of fraudulently transferring N32 million from the bank’s account without approval, in violation of Section 61(2) of the Adamawa State Penal Code Law, 2018.
According to one of the charges, Karka and one Prince Moses Batalu allegedly conspired between August 2020 and March 2021 in Yola to unlawfully move over N66.7 million from the bank’s First Bank account.
The defendant was first arraigned on November 11, 2024, and pleaded not guilty, prompting a full trial.
During the proceedings, prosecution counsel Mubarak Tijani presented witnesses and documentary evidence to establish the case, while the defence called three witnesses.
Delivering judgment on October 17, 2025, Justice Manji held that the EFCC proved its case beyond reasonable doubt.
He subsequently convicted Karka on both counts and sentenced her to five years’ imprisonment with an option of N3 million fine on each count. The sentence will run concurrently.
The court also ordered the convict to restitute N29,877,040, the outstanding balance of the funds, to the bank.
Karka’s conviction followed an internal audit by Bonghe Microfinance Bank in 2021, which exposed suspicious transfers to an unidentified account holder.
Investigations later revealed that the former managing director illegally transferred the bank’s funds to Batalu without approval, and efforts to recover the money failed, prompting the petition to the EFCC.
