Grace Andreas Karka, the managing director of Bonghe Microfinance Bank, has been sentenced to five years in prison.

Karka, who was found guilty of fraud was prosecuted by the Economic and Financial Crimes Commission (EFCC). He was accused of being involved in a criminal conspiracy involving a sum of N32 million.

The defendant, however, in 2024, pleaded not guilty to the charges. This led to a full trial of the embezzlement case.

The sentence was pronounced by Justice Benjamin Lawan Manji of the Adamawa State High Court on the 17th of October. Karka was also ordered to restitute N29.8 million to Bonghe Microfinance Bank. However, the efforts made to recover the stolen funds have failed.

Source; PM News