A former Managing Director of Bonghe Micro Finance Bank, Grace Karka has been sentenced to five years’ imprisonment for her role in a N32m fraud.
Karka’s conviction included an option of fine.
A statement released by the Economic and Financial Crimes Commission brought the incident into general public view.
For context, EFCC 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 petitioner, according to the report said the fraudulent act was discovered during an audit of the bank’s account domiciled with a commercial bank.
On the strength of the petition, the anti-graft agency said Karka was arraigned before Justice Benjamin Lawan Manji of the Adamawa State High Court on counts of criminal conspiracy and cheating.
At the end, the statement said Karka was found guilty as charged and sentenced 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.
