A Federal High Court sitting in Ikoyi, Lagos, has convicted former Executive Secretary of the National Health Insurance Scheme (NHIS), Dr. Olufemi Martins Thomas, and a Bureau De Change operator, Kabiru Sidi, over a $2,198,900 fraud.
Justice Ayokunle Faji, who delivered judgment on Thursday, July 24, 2025, found Thomas guilty of engaging in financial transactions exceeding the lawful threshold without passing through a financial institution, in violation of the Money Laundering (Prohibition) Act, 2011.
Thomas, who was also known as Dr. Ike, was fined ₦10 million for the offence. However, the court discharged him on five of the seven-count charge brought against him by the Economic and Financial Crimes Commission (EFCC).
Sidi, the second defendant, was convicted on a separate charge for making false statements to an EFCC investigator. He was fined ₦100,000 for falsely claiming to have handed over the cash to one Bamidele Ibiteye during a statement he made at the EFCC office in Ikoyi on July 15, 2015.
The EFCC’s Lagos Zonal Directorate 1 had filed the amended seven-count charge, which bordered on money laundering and related financial crimes. The prosecution alleged that on or about July 3, 2015, Thomas procured his wife, Mrs. Femi Thomas, to help conceal the illicit origin of the funds.
Both Thomas and Sidi had pleaded not guilty, prompting a full trial during which the EFCC called six witnesses. The trial followed an earlier decision by the Court of Appeal rejecting Thomas’s no-case submission and affirming that the EFCC had established a prima facie case.
During his defence, Thomas maintained that the funds originated from his legitimate farming business, submitting financial statements in court to support his claim. However, the prosecution countered that large cash transactions must comply with transparency requirements under Section 1 of the Money Laundering Act, which mandates the use of financial institutions.
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