Court Sentences Bank MD to Five Years Imprisonment
- The Adamawa State High Court has remanded the managing director of Bonghe Micro Finance Bank, Grace Andreas Karka, to prison
- Justice Benjamin Lawan Manji sentenced Karka to five imprisonment on criminal conspiracy and cheating
- The Economic and Financial Crimes Commission (EFCC) narrated how Karka’s journey to the Correctional Centre started in 2021
Legit.ng journalist Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues
Adamawa state - The managing director of Bonghe Micro Finance Bank, Grace Andreas Karka, has been sentenced to five years’ imprisonment.
Justice Benjamin Lawan Manji of the Adamawa State High Court gave the judgement.
Source: Twitter
Karka was prosecuted on two-count charges bordering on criminal conspiracy and cheating to the tune of N32 million.
The Gombe Zonal Directorate of the Economic and Financial Crimes Commission (EFCC) filed the two-count charges against the bank's MD.
The anti-graft agency disclosed this via its X handle @officialEFCC on Thursday, October 30, 2025.
The EFCC said Justice Manji gave the judgement on October 17, 2025.
The charges read:
“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 Micro Finance Bank Nigeria Limited with account number 2013668857 domiciled with First bank Nigeria limited by dishonestly moving the said sum without necessarry approval contrary to Section 61(2) of the Adamawa State penal Code Law 2018"
The judge said the prosecution had proved the case beyond a reasonable doubt and went on to convict the defendant accordingly on counts one and two.
The judge also sentenced Karka to five years’ imprisonment with an option of N3 million each on counts one and two. The sentence is to run concurrently.
The court further ruled that the bank MD should restitute the balance of N29,877.040 to the petitioner.
How Karka’s journey to prison started
EFCC said the petitioner, Bonghe Micro Finance Bank, carried out an audit in 2021 on the accounts of the bank domiciled with First Bank of Nigeria Ltd.
The anti-graft agency audit revealed an unbalanced account and irregular flow of transfers to a certain account holder who was not a customer of the bank.
Further checks later discovered that it was Karka who transferred N32m to one Prince, Moses Batalu, without the necessary approval.
The bank added that all efforts to recover the said sum proved abortive.
Source: Facebook
EFCC arrests bank manager for hoarding N29m
Recall that the EFCC arrested an operations manager in one of the new generation banks in Abuja.
The EFCC arrested the bank manager following a tip-off that he was hoarding about N29million in new notes.
Before whisking him away, the EFCC ordered that they load the bank's ATMs with the discovered banknotes and start payment over the counter.
Bank manager sentenced to 121 years' imprisonment.
In a previous story, Legit.ng reported that a former bank manager will spend the rest of his life in prison following a recent court judgement.
The court has handed Nwachukwu Placidus a sentence of 121 years in prison after he reportedly diverted fixed deposit funds of N112,100,000 from a customer for his personal gain.
The EFCC spokesperson, Dele Oyewale, confirmed the development via a statement on Saturday, May 4, 2024
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Source: Legit.ng
