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, for their involvement in a $2.19 million fraud.
Justice Ayokunle Faji delivered the judgment on Thursday, July 24, 2025, following a full trial initiated by the Economic and Financial Crimes Commission (EFCC).
The EFCC had arraigned both men before the court on a seven-count amended charge bordering on money laundering.
Six of the counts targeted Dr. Thomas, who was accused of laundering funds suspected to be proceeds of unlawful activity. Sidi was charged separately for making a false statement to an EFCC investigator.
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…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).”
Sidi was accused of lying to EFCC officials during interrogation:
“That you, Kabiru Sidi, on or about the 15th of July, 2015…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, leading to a full trial.
EFCC counsel, Ekele Iheanacho, SAN, in his final written addresses dated May 5 and 9, 2025, told the court that six prosecution witnesses were called.
He noted that a no-case submission by the defendants had been overruled both at trial and on appeal, affirming that a prima facie case had been made.
According to Iheanacho: “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.”
He further argued: “This is a case of money laundering, where the issue of concealment of transaction is paramount…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.”
Justice Faji, in his ruling, found Dr. Thomas guilty of transacting beyond legal cash thresholds without going through a financial institution, a violation of Nigeria’s anti-money laundering laws.
However, he was acquitted on five of the seven counts and sentenced to pay a ₦10 million fine.
Sidi was convicted for making a false statement to the EFCC and was handed a ₦100,000 fine.
