The Gist, Minus the Fluff:
The Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, has been sentenced to five years in prison for fraud by the Adamawa State High Court, presided over by Justice Benjamin Lawan Manji.
She was prosecuted by the EFCC on two counts—criminal conspiracy and cheating—involving a fraudulent transfer of funds. Specifically, between August 2020 and March 2021, Karka and an accomplice, Prince Moses Batalu, were found to have unauthorizedly transferred a total of \text{N}66.7 million from the bank’s account.
Justice Manji found Karka guilty on October 17, 2025, and while the prison sentences for the two counts are to run concurrently, she has the option of paying a \text{N}3 million fine on each count (that’s a \text{N}6 million headache, effectively). Crucially, the court also ordered her to repay \text{N}29.8 million to Bonghe Microfinance Bank.
A 2021 audit revealed the unauthorized transfers to a non-customer, and according to the EFCC, all attempts to get the money back had previously failed. Looks like Ms. Karka’s banking career just took a rather long detour.
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