Reported by: Agande Richard Aondofa | Edited by: Henry Owen | Stone Reporter News
Justice Benjamin Lawan Manji of the Adamawa State High Court has convicted Grace Andreas Karka, former Managing Director of Bonghe Microfinance Bank, to five years imprisonment for criminal conspiracy and cheating involving N32 million.
Karka, prosecuted by the Gombe Zonal Directorate of the EFCC, faced a two-count charge alleging that between August 2020 and March 2021, she conspired with Prince Moses Batalu to dishonestly transfer funds from the bank without the necessary approval. One of the counts reads:
“That you Grace Andreas Karka and Prince Moses Batalu between August 2020 and March 2021 in Yola, Adamawa State within the jurisdiction of this honourable court did agree amongst yourselves to do an illegal act to wit theft in the sum of N66,792,960.00 from Bonghe Microfinance Bank Nigeria Limited by dishonestly moving the said sum without necessary approval contrary to Section 61(2) of the Adamawa State Penal Code Law 2018.”
Upon her arraignment on November 11, 2024, Karka pleaded not guilty, prompting a full trial. During proceedings, prosecution witnesses and documentary evidence were presented, while the defense called three witnesses in her favor.
On October 17, 2025, Justice Manji ruled that the EFCC had proven its case beyond reasonable doubt. Karka was sentenced to five years imprisonment on both counts, with an option of N3 million each, to run concurrently. Additionally, the court ordered her to restitute N29,877,040 to Bonghe Microfinance Bank.
The case came to light in 2021 when an internal audit at Bonghe Microfinance Bank revealed irregular transfers to an account not linked to any customer. Further investigation confirmed that Karka had transferred N32 million to Prince Moses Batalu without authorization, and all attempts to recover the funds prior to EFCC intervention had failed.
The EFCC’s successful prosecution reinforces the Commission’s commitment to combating financial crimes and safeguarding depositors’ funds in Nigeria’s banking sector.
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