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 fraud amounting to $2,198,900.
Justice Ayokunle Faji delivered the judgment on Thursday, July 24, 2025, finding the duo guilty of offences bordering on money laundering and false statements to the Economic and Financial Crimes Commission, EFCC.
Thomas, who was arraigned on a seven-count amended charge by the Lagos Zonal Directorate 1 of the EFCC, faced six counts related to money laundering and illegal cash transfers. Sidi was charged only on one count of making a false statement to EFCC officials.
According to the EFCC, “That you, Dr. Martins Oluwafemi Thomas (a.k.a Dr. Ike), the former Executive Secretary of the National Health Insurance Scheme (NHIS), 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).”
On Sidi, the charge read: “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 Commission 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 Economic and Financial Crimes Commission (Establishment) Act, 2004.”
The defendants pleaded not guilty, leading to a full trial. The prosecution, led by Ekele Iheanacho SAN, submitted final written addresses on May 5 and 9, 2025.
“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,” Iheanacho stated.
He added, “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.”
Highlighting the basis of the charge, Iheanacho noted, “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 urged the court to convict the defendants, stating, “The prosecution had established the essential elements of the offence beyond reasonable doubt. I urge the court to discountenance the submissions of the first and second defendants and convict them as charged.”
In his ruling, Justice Faji found the ex-NHIS boss guilty on count six, for “transacting beyond threshold without going through a financial institution” and sentenced him to a fine of ₦10,000,000.00. He was discharged on counts one, two, three, four, and seven.
Sidi was found guilty of making a false statement and was sentenced to a fine of ₦100,000.00.
