Bank Chief Gets 5-Year Jail Term for N32m Diversion in Adamawa State

The Adamawa State High Court sentenced Grace Andrea Karka, the Managing Director of Bongh Microfin Bank, to five years in prison for diverting N32 million from the bank. Karka was convicted on two counts of criminal conspiracy and cheating.

The Economic and Financial Crimes Commission (EFCC) revealed that Karka and another individual, Mose Batalu, siphoned funds from the bank's account without authorization. Karka was also ordered to refund N29.8 million to the bank.

The case originated from irregular transfers uncovered during a 2021 audit of the bank.