Bank MD jailed for stealing N32m from her own bank 

The Managing Director of Bonghe Microfinance Bank, Grace Andreas Karka, has been sentenced to five years imprisonment for stealing N32 million from her own bank and transferring part of the money to a man identified as Prince Moses Batalu.

Justice Benjamin Lawan Manji of the Adamawa State High Court, Yola, found Karka guilty of criminal conspiracy and cheating after the Economic and Financial Crimes Commission (EFCC) proved that she misappropriated funds belonging to the bank between August 2020 and March 2021.

According to the EFCC, Karka, while serving as Managing Director, unlawfully moved large sums of money from the bank’s First Bank account — No. 2013668857, to accounts linked to Batalu, who was not a customer of the bank.

Trouble started when Bonghe Microfinance Bank conducted an internal audit that revealed suspicious transfers and missing funds. Further investigation showed that N32 million was diverted under Karka’s supervision, without any official approval.

The bank reported the matter to the EFCC after several attempts to recover the money failed.

During trial, EFCC counsel Mubarak Tijani presented witnesses and documents linking Karka to the fraud, while her defence team called three witnesses in her support.

Justice Manji ruled that the prosecution had proved its case beyond reasonable doubt, and sentenced Karka to five years in prison, with an option of ₦3 million fine on each count, to run concurrently.

She was also ordered to refund N29.8 million to the bank.

The case, filed under the Adamawa State Penal Code Law of 2018, exposed how the former bank chief abused her office for personal gain.