A Federal High Court sitting in Ikoyi, Lagos, on Thursday, July 24, 2025, convicted a former Executive Secretary of the National Health Insurance Scheme (NHIS), Dr. Olufemi Martins Thomas, and a Bureau De Change operator, Kabiru Sidi, for their involvement in a $2,198,900 money laundering case.
Justice Ayokunle Faji delivered the judgment after a full trial on a seven-count amended charge brought against the defendants by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1. The charges primarily bordered on money laundering and making false statements.
Dr. Thomas, who was arraigned on six counts, was accused of laundering the sum of $2,198,900 through a third party, contrary to the Money Laundering (Prohibition) Act, 2011 (as amended). The court found him guilty of violating the law by transacting above the cash threshold without routing the funds through a financial institution. He was sentenced to a fine of ₦10 million.
Kabiru Sidi, the second defendant, was convicted on count six for making a false statement to EFCC investigators, in which he claimed to have handed over more than $2 million to another individual. He was fined ₦100,000.
The court, however, discharged Dr. Thomas on counts one, two, three, four, and seven, but found sufficient evidence to convict him on count five.
During the trial, EFCC counsel Ekele Iheanacho, SAN, presented six witnesses and successfully argued that the defendants had a case to answer. The court earlier dismissed the no-case submission filed by the defence and upheld by the appellate court.
The prosecution maintained that Dr. Thomas failed to prove the legitimate source of the funds, claiming they originated from his farming business. The court rejected this explanation and upheld the EFCC’s argument that such transactions must be conducted through financial institutions to ensure transparency and traceability.
The judgment marks a significant victory in the Commission’s efforts to curb high-profile financial crimes in Nigeria.
