The Economic and Financial Crimes Commission has secured a five-year conviction of a former Managing Director of Bonghe Micro Finance Bank, Grace Karka, for her role in a N32m fraud, with an option of fine.
In a statement by the EFCC on Thursday the agency said it received a petition from the bank alleging that the defendant transferred N32m while she was the bank’s MD to an unknown account.
The statement noted that the petitioner said the fraudulent act was discovered 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 counts 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.”
READ ALSO: EFCC arraigns three for suspected N12bn PMS theft
According to the statement, the defendant was arraigned in November 2024, but she pleaded not guilty, which led to a full trial.
The EFCC said during the trial, the prosecutor presented witnesses and tendered several documents, while the defendant presented three witnesses.
Following the trial, the judge found the defendant guilty and sentenced her to five years’ imprisonment.
“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 judge also sentenced Karka to five years’ imprisonment with an option of N3m each on counts one and two. The sentence is to run concurrently. “In addition, the court ordered the convict to restitute the balance of N29,877,040 to the petitioner,” the statement added.
