By Nkechi Eze
A Federal High Court sitting in Ikoyi, Lagos, has convicted a 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 (Two Million, One Hundred and Ninety-Eight Thousand, Nine Hundred United States Dollars) fraud.
Justice Ayokunle Faji delivered the judgment on Thursday, July 24, 2025, bringing to a close the protracted trial initiated by the Economic and Financial Crimes Commission (EFCC), which charged the duo with offences bordering on money laundering and false statements to investigators.
The EFCC had arraigned Thomas and Sidi before the court on an amended seven-count charge. According to the commission’s spokesperson, Dele Oyewale, six of the counts against Thomas related to money laundering and illegal cash transfers, in contravention of the Money Laundering (Prohibition) Act, 2011, as amended. Sidi was charged on count six for making a false statement to an EFCC official.
One of the charges read: “That you, Dr. Martins Oluwafemi Thomas (a.k.a Dr. Ike), the former Executive Secretary of the National Health Insurance Scheme, on or about the 3rd of July, 2015 at Lagos, within the jurisdiction of this Honourable Court, procured Mrs. Femi Thomas to disguise the unlawful origin of the sum of $2,198,900 and you thereby committed an offence contrary to Section 18 and punishable under Section 15(2)(a) and (3) of the Money Laundering (Prohibition) Act, 2011 (as amended by Act No. 1 of 2012).”
Kabiru Sidi was also accused of lying to EFCC investigators. The charge against him stated: “That you, Kabiru Sidi, on or about the 15th of July, 2015, at the office of the Economic and Financial Crimes Commission, 15A Awolowo Road, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, made a false statement to Afeez Mustapha, an investigating officer with the EFCC, to the effect that you gave over two million United States dollars to one Bamidele Ibiteye and thereby committed an offence contrary to Section 39(2)(b) and punishable under Section 39(2)(c) of the EFCC (Establishment) Act, 2004.”
Both defendants had pleaded not guilty, prompting a full trial. During proceedings, the EFCC, represented by Senior Advocate of Nigeria, Ekele Iheanacho, called six witnesses and tendered documentary evidence. Iheanacho told the court that the defendants failed to explain the legitimate source of the funds. He further argued that Thomas claimed to have made the money through his farming business, but his financial statement failed to support the claim convincingly.
The prosecution argued that the funds were moved in cash and not through a financial institution, as required by the Money Laundering Act. “This is a case of money laundering, where the issue of concealment of transaction is paramount,” Iheanacho said in his final written address, dated May 5 and 9, 2025. “That is why the law requires such transactions to go through financial institutions, so that there will be a trail.”
The prosecution also noted that Thomas’ no-case submission had earlier been dismissed both at the trial court and the appellate level, which affirmed that a prima facie case had been established against him.
In his ruling, Justice Faji found Thomas guilty of transacting beyond the lawful threshold without passing through a financial institution. He was, however, discharged on counts one, two, three, four, and seven. For his offence, the court imposed a fine of N10 million on Thomas.
On his part, Sidi was convicted for making a false statement to EFCC investigators and sentenced to pay a fine of N100,000.
