Female Bank Managing Director jailed five years for N32million fraud in Adamawa state
A former Managing Director of Bonghe Micro Finance Bank, Grace Karka, has been jailed five years in Adamawa state for her role in a N32million fraud, with an option of fine.
Penpushing reports that the Economic and Financial Crimes Commission secured the conviction of the former female bank boss in a statement, recalling that the agency received a petition from the bank alleging that the defendant transferred N32million while she was the bank’s Managing Director to an unknown account.
The statement pointed out that the petitioner said the fraudulent act was discovered during an audit of the bank’s account domiciled with a commercial bank, hence Karka was subsequently arraigned before the Adamawa State High Court on counts of criminal conspiracy and cheating.
“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’, One of the charges read
Penpushing further reports that the commission in the statement added that the defendant was arraigned in November 2024, but she pleaded not guilty, which led to a full trial, explaining that during the trial, the prosecutor presented witnesses and tendered several documents, while the defendant presented three witnesses.
The statement stated that following the trial, the judge Justice Benjamin Lawan Manji 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 agency said.
“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.
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