Justice Benjamin Lawan Manji of the Adamawa State High Court has convicted and sentenced the Managing Director of Bonghe Microfinance Bank, Grace Karka, to five years imprisonment for fraud involving ₦32 million.
The Economic and Financial Crimes Commission (EFCC), through its Gombe Zonal Directorate, prosecuted Karka on a two-count charge bordering on criminal conspiracy and cheating.
One of the counts reads: “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 in the sum of ₦66,792,960 from Bonghe Microfinance Bank Nigeria Limited with 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.”
Karka pleaded not guilty when she was arraigned on November 11, 2024, prompting a full trial. During proceedings, the EFCC presented witnesses and tendered several documents to prove its case, while the defence called three witnesses.
Delivering judgment on October 17, 2025, Justice Manji held that the prosecution had proven its case beyond reasonable doubt and convicted Karka on both counts.
The court sentenced her to five years imprisonment, with an option of ₦3 million fine on each count, to run concurrently. Additionally, she was ordered to restitute ₦29.877 million to the petitioner, Bonghe Microfinance Bank.
According to the EFCC, Karka’s conviction followed an internal audit by Bonghe Microfinance Bank, which uncovered irregular transfers to an individual who was not a customer of the bank. Further investigation revealed that Karka, then managing director, had transferred ₦32 million to Prince Moses Batalu without approval.
The Commission added that all efforts by the bank to recover the diverted funds proved abortive, leading to the EFCC’s intervention and subsequent prosecution.
