Lagos, July 24, 2025 – Dr. Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), has been convicted by a Federal High Court in Lagos for violating Nigeria’s money laundering laws involving a $2.2 million cash transaction.
Presiding judge Justice Ayokunle Faji handed down the conviction on Thursday, July 24, 2025. Also convicted was Kabiru Sidi, a Bureau De Change operator, for making a false statement to investigators.
Background and Charges
Thomas and Sidi were arraigned by the Economic and Financial Crimes Commission (EFCC) on an amended seven-count charge involving money laundering, conspiracy, and making false statements, relating to $2,198,900.00 (USD).
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Dr. Thomas faced six counts of money laundering and unlawful cash transactions.
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Sidi was charged with making false statements to an EFCC investigator.
One key charge stated that Dr. Thomas procured an individual to disguise the illicit origin of the funds, an offence under the Money Laundering (Prohibition) Act, 2011 (as amended).
Court’s Ruling
While the court dismissed five of the seven counts—citing lack of evidence of unlawful enrichment or conspiracy—Justice Faji convicted Thomas on count five, which involved conducting a cash transaction above the N5 million threshold allowed for individuals.
“The transaction in count five is only above the N5 million threshold. There is no proof it was from the proceeds of crime,” the judge ruled.
Sentencing and Penalties
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Dr. Thomas was fined ₦10 million and barred from travelling until full payment is made.
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The court ordered the EFCC to return all seized funds within 14 days, ruling the agency lacked legal justification to continue holding the money.
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Sidi was fined ₦100,000 for giving false information to EFCC investigators.
The judgment highlights gaps in the EFCC’s investigation, with the court noting failure to prove the funds were proceeds of crime or to fully explore Thomas’s defense, including claims of farming-related income.
Conclusion
This case marks a partial legal win for the EFCC, securing convictions but also facing criticism from the bench over its prosecutorial rigor. It underscores the need for thorough investigation and compliance with due process, especially in high-profile financial crimes.
