Bank MD Jailed for Diverting ₦32 Million from Her Own Microfinance Bank
By Erewunmi Peace
The Managing Director of Bonghe Microfinance Bank in Adamawa State, Grace Andreas Karka, has been sentenced to five years in prison for diverting ₦32 million belonging to the bank for personal use.
The Economic and Financial Crimes Commission (EFCC) arraigned Karka before Justice Benjamin Lawan Manji of the Adamawa State High Court on a two-count charge bordering on criminal conspiracy and cheating.
According to the EFCC, the offence was committed between August 2020 and March 2021, when the convict conspired with another person to fraudulently divert ₦32 million to an account belonging to a non-customer of the bank.
An internal audit by Bonghe Microfinance Bank uncovered suspicious transfers, prompting a detailed investigation that led to Karka’s arrest and prosecution.
Delivering judgment on October 17, 2025, Justice Manji found the defendant guilty on both counts and sentenced her to five years’ imprisonment, with an option of a ₦3 million fine per count. The sentences are to run concurrently.
The court further ordered Karka to restitute ₦29,877,040 to the bank as part of the sentence.
In its reaction, the EFCC commended the judgment, describing it as a “victory for transparency and accountability in Nigeria’s financial institutions.”
The case highlights ongoing efforts by anti-corruption agencies to sanitize the microfinance sector and protect depositors’ funds.
