Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, on Thursday convicted Olufemi Martins Thomas, a former executive secretary of the National Health Insurance Scheme (NHIS).
Also convicted is one Kabiru Sidi, a bureau de change operator.
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Both individuals were found guilty of defrauding Nigeria of $2,198,900.00 ( Two million, One Hundred and Ninety Eight Thousand, Nine Hundred United States Dollars).
Mr Thomas was arraigned alongside Mr Sidi on an amended seven-count charge bordering on money laundering to the tune of $2,198,900.00 brought against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission (EFCC).
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Six of the counts against Mr Thomas concerned money laundering and transferring, in cash, proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prohibition) Act, 2011 as amended.
The second defendant, however, was prosecuted only on count six, which involved the making offalse statements to an official of the EFCC.
The charge against Mr Thomas reads: “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).”
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The charge against Mr Sidi reads: “That you, Kabiru Sidi on or about the 15th of July, 2015 at the office of Economic and Financial Crimes Commission, 15 A Awolowo Road, Ikoyi Lagos within the jurisdiction of this Honourable Court made a false statement to Afeez Mustapha, an investigating officer with the Economic and Financial Crimes Commissionto 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 Economic and Financial Crimes Commission (Establishment) Act, 2004.”
The accused pleaded “not guilty” to the charge, thereby leading to their full trial.
At the last adjourned sitting on Thursday, 29 May 2025, the prosecution counsel, Ekele Iheanacho (SAN), in his final written addresses, dated 5 and 9 May 2025, submitted that “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.
“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.
While closing his argument, he also submitted that “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 trial. Any application that suggests otherwise will defeat the basis of Section 1 of the Money Laundering Act.”
He therefore urged the court to discountenance the submissions of the first and second defendants and convict them as charged.
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Delivering judgment on Thursday, the judge found Mr Thomas “guilty of transacting beyond threshold without going through a financial institution” and sentenced him to a fine of N10,000,000.00 (Ten Million Naira).
The second defendant, Mr Sidi, was found guilty of making a false statement to an investigating officer with the EFCC and sentenced to a fine of N100,000.00
Justice Faji, however, discharged Mr Thomas on counts one, two, three, four and seven of the charge.
Dele Oyewale
Head, Media & Publicity
July 24, 2025
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