Nigerian Court Sentences Micro-finance Bank MD to 5 Years for ₦32m Fraud

Grace Andrea Karka, the Managing Director of Bongh Microfin Bank, has been sentenced to five years in prison by the Adamawa State High Court for her involvement in a ₦32 million fraud case. The court found her guilty of criminal conspiracy and cheating following a case filed by the Economic and Financial Crimes Commission (EFCC).

Karka's accomplice, Princ Mose Batalu, was also involved in the illegal transfer of ₦66.7 million from the bank's account without approval. Karka was given the option to pay a ₦3 million fine in addition to her jail term and was ordered to refund ₦29.8 million to the bank.

The fraud came to light during an internal audit in 2021, revealing suspicious transactions in the bank's accounts that were not authorized.