On Thursday, July 24, 2025, Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, convicted Dr. Olufemi Martins Thomas, former Executive Secretary of the National Health Insurance Scheme (NHIS), and Kabiru Sidi, a Bureau De Change operator, for fraud involving $2,198,900.
The defendants faced an amended seven-count charge of money laundering filed by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC). Six counts were against Thomas, focusing on money laundering and illegal cash transfers, while Sidi faced prosecution on a single count of making false statements to an EFCC official.
The charge against Thomas alleges that on July 3, 2015, he procured Mrs. Femi Thomas to conceal the unlawful origin of $2,198,900, violating sections of the Money Laundering (Prohibition) Act, 2011 (as amended). Sidi was accused of falsely telling EFCC investigators on July 15, 2015, that he gave over $2 million to Bamidele Ibiteye, contrary to the Economic and Financial Crimes Commission (Establishment) Act, 2004.
Both pleaded not guilty, leading to a full trial. During proceedings, the prosecution presented six witnesses. Thomas made a no-case submission, which was overruled by the trial court and later upheld by the appellate court. Thomas claimed that the funds were legitimately earned through farming activities, supported by his financial statements.
The prosecution, led by Ekele Iheanacho SAN, argued that concealment was central to the money laundering offence and emphasized the need for transparency in financial transactions.
In delivering judgment, Justice Faji ruled that the EFCC did not prove beyond reasonable doubt allegations of conspiracy, unlawful enrichment, and false statements in counts 1, 2, 3, 4, and 7. However, Thomas was convicted on count five, related to a cash transaction exceeding the legal N5 million limit for individual dealings. The court found no evidence that the money was from illicit proceeds but noted the breach of transaction limits.
The court ordered the EFCC to return all funds previously seized from Thomas within 14 days. This is conditional upon Thomas paying a N10 million fine as penalty for the conviction. He was also barred from international travel until the fine is paid in full.
Kabiru Sidi was found guilty of making a false statement to EFCC officials and fined N100,000.
Thomas was discharged on counts one, two, three, four, and seven of the charges.
