The Economic and Financial Crimes Commission (EFCC) has secured a five-year conviction for Grace Karka, former Managing Director of Bonghe Microfinance Bank, over her involvement in a ₦32 million fraud, with an option of fine.
In a statement released by the EFCC on Thursday, the agency said it had received a petition from the management of the bank, alleging that Karka transferred ₦32 million to an unknown account during her tenure as Managing Director.
According to the petition, the fraudulent transaction was uncovered during an audit of the bank’s account domiciled with a commercial bank.
She was subsequently arraigned before Justice Benjamin Lawan Manji of the Adamawa State High Court on charges of criminal conspiracy and cheating.
One of the charges read:
“That you, Grace Andreas Karka and Prince Moses Batalu, between August 2020 and March 2021 in Yola, Adamawa State, within the jurisdiction of this honourable court, did agree amongst yourselves to do an illegal act, to wit theft of N66,792,960.00 from Bonghe Micro Finance Bank Nigeria Limited (account number 2013668857 domiciled with First Bank Nigeria Limited) by dishonestly moving the said sum without necessary approval, contrary to Section 61(2) of the Adamawa State Penal Code Law 2018.”
The EFCC noted that the defendant was arraigned in November 2024 and pleaded not guilty, prompting a full trial.
During the proceedings, the prosecution presented witnesses and tendered documents to substantiate the charges, while the defendant called three witnesses in her defence.
Delivering judgment, Justice Manji ruled that the prosecution proved its case beyond reasonable doubt, finding Karka guilty on both counts.
“Justice Manji, on October 17, 2025, while delivering judgment, said the prosecution proved the case beyond a reasonable doubt and convicted the defendant accordingly on counts one and two,” the EFCC statement read.
The judge sentenced her to five years’ imprisonment, with an option of ₦3 million fine on each count, to run concurrently.
In addition, the court ordered the convict to restitute ₦29,877,040 to the bank.
This case adds to a growing list of convictions involving former bank executives. In 2024, the Supreme Court upheld the six-year jail term handed to Francis Atuche, former Managing Director of the now-defunct Bank PHB, by the Court of Appeal, Lagos Division, for financial mismanagement.
Advertisement
