Following the arraignment of Dr Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), and a Bureau De Change operator, Kabiru Sidi, over a $2,198,900.00 fraud by Economic and Financial Crimes Commission (EFCC), a Federal High court has found the duo guilty.
Their conviction was handed by Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, on Thursday, July 24, 2025.
Earlier, the EFCC Lagos Zonal Directorate 1, had arraigned the duo on an amended seven-count charge bordering on money laundering.
Six of the counts involved Thomas, who was accused of laundering and transferring proceeds of unlawful activities in violation of the Money Laundering (Prohibition) Act, 2011, as amended.
Sidi was prosecuted on a separate count for making a false statement to an EFCC official.
One of the charges against Thomas 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 (Two Million, One Hundred and Ninety-eight Thousand, Nine Hundred United States Dollars), 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).”
The charge against Sidi 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 Bamidele Ibiteye, and you 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 pleaded “not guilty” to the charges, prompting a full trial.
During the trial, prosecution counsel, Ekele Iheanacho, SAN, in his final written addresses dated May 5 and 9, 2025, stated: “In line with the charge, the prosecution called six witnesses, and the defendant made a no-case submission, which was overruled and overruled by the Appellate Court on the grounds that the prosecution had established a prima facie case against the defendant.”
He continued: “The defendant entered his defence because the law required him to show how he acquired the funds legitimately. Part of his evidence was that he made the funds heavily from his farming businesses. The evidence of his farming was contained in his financial statement.”
Iheanacho further submitted: “This is a case of money laundering, where the issue of concealment of transaction is paramount, and that is why the law requires such transactions to go through financial institutions so that there will be a trail. Any application that suggests otherwise will defeat the basis of Section 1 of the Money Laundering Act.”
He urged the court to reject the defence of both defendants and convict them accordingly.
In his judgment, Justice Faji found Thomas “guilty of transacting beyond threshold without going through a financial institution” and sentenced him to a fine of ₦10,000,000. Thomas was, however, discharged on counts one, two, three, four, and seven.
Sidi was found guilty of making a false statement to an EFCC investigator and was sentenced to a fine of ₦100,000.
