The Federal High Court in Ikoyi, Lagos, has convicted Dr. Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), and a Bureau De Change (BDC) operator, Kabiru Sidi, for their roles in a $2.2 million money laundering scheme.
The Economic and Financial Crimes Commission (EFCC) brought the charges against both men following investigations that uncovered suspicious transactions amounting to $2,198,900. Dr. Thomas was found guilty of laundering illicit funds, while Sidi was convicted of providing false information during the course of the EFCC’s investigation.
According to court records, Dr. Thomas was accused of attempting to conceal the origins of the funds by using a third party named Femi Thomas in an elaborate financial cover-up. Prosecutors revealed that he bypassed formal financial institutions to conduct high-value transactions, a violation of Nigeria’s anti-money laundering laws. Kabiru Sidi, meanwhile, was charged with falsely claiming he handed over the sum of more than $2 million to someone else, an assertion the court found to be untrue.
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Both defendants had pleaded not guilty to the charges, prompting a lengthy trial in which the EFCC presented documentary evidence and brought forward multiple witnesses. In his defense, Dr. Thomas insisted that his wealth was acquired through legitimate farming businesses and even submitted financial records to support his claims. However, the court ruled that the funds in question were not channeled through recognized banking platforms as required by law, thereby breaching financial regulations.
Presiding over the case, the judge sentenced Dr. Thomas to a fine of N10 million (approximately $13,000), citing his unauthorized cash transactions outside the banking system. Kabiru Sidi was also fined for knowingly providing false information to the EFCC.
While some of the charges against Dr. Thomas were dismissed, the verdict sends a clear message about the Nigerian judiciary’s resolve to clamp down on financial crimes. The conviction of a former top government official underscores the EFCC’s commitment to accountability and transparency in public service.