In a landmark judgment, the Federal High Court sitting in Ikoyi, Lagos, on Thursday, July 24, 2025, convicted Dr. Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), and Bureau De Change operator Kabiru Sidi, over a $2,198,900.00 (Two Million, One Hundred and Ninety-Eight Thousand, Nine Hundred Dollars) fraud case.
Justice Ayokunle Faji delivered the verdict after a protracted trial that saw both men face allegations of money laundering and false statements linked to illicit financial transactions.
Thomas, who once headed the NHIS, was arraigned on an amended seven-count charge brought by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1. Six of the counts involved laundering illicit funds and transferring proceeds of unlawful activities, contrary to the Money Laundering (Prohibition) Act, 2011 (as amended).
The EFCC alleged that Thomas, also known as Dr. Ike, procured his wife, Mrs. Femi Thomas, to disguise the unlawful origin of $2,198,900, in violation of anti-money laundering laws.
Sidi, the second defendant, faced charges for making false statements to EFCC investigators, claiming he handed over $2 million to another individual—a claim the court later ruled as a deliberate attempt to mislead.
Both defendants initially pleaded not guilty, leading to a full trial. The EFCC, represented by counsel Ekele Iheanacho (SAN), called six witnesses and presented documentary evidence to establish a prima facie case, which was upheld even after an appeal challenging the no-case submission.
READ ALSO: Court Convicts 10 Thai Sailors for Smuggling 32.9kg Cocaine to Nigeria
In his final judgment, Justice Faji declared Thomas guilty of “transacting beyond the financial threshold without routing the funds through a financial institution,” sentencing him to pay a fine of ₦10 million. He was discharged on counts one, two, three, four, and seven.
Sidi, found guilty of making a false statement to EFCC investigators, received a ₦100,000 fine.
The EFCC welcomed the judgment as a strong message against large-scale financial crimes and attempts to obstruct justice.
This case adds to the growing list of high-profile convictions as Nigeria intensifies its anti-corruption war ahead of the 2027 general elections.