Thursday, 24th July, 2025 Hon. Justice Ayokunle Faji of the Federal High Court, Lagos, convicted the former Executive Secretary, National Health Insurance Scheme, (NHIS) Dr. Olufemi Martins Thomas and one Bureau De Change (BDC) Operator, Kabiru Sidi for $2,198,900.00 (Two million, One Hundred and Ninety-Eight Thousand, Nine Hundred United States Dollars) fraud.
Dr. Thomas was arraigned in the company of BDC Operator, Sidi on an amended seven-count charges bordering on money laundering to the tune of $2,198,900.00 leveled against them by the Lagos Zonal Directorate 1 of the Economic and Financial Crimes Commission, EFCC.
This was disclosed in a statement shared with journalists on Thursday by the Commission’s spokesman, Dele Oyewale, which explained;
“Six of the counts against Thomas bordered on money laundering and transferring, in cash, proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prohibition) Act, 2011 as amended.”
It was also revealed that
“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, 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).”
“They pleaded “not guilty” to the charge, thereby leading to their full trial.
“Delivering judgment today, the judge found Thomas “guilty of transacting beyond threshold without going through a financial institution” and sentenced him to a fine of N10,000,000.00 (Ten Million Naira).
“The second defendant, Kabir Sidi, was found guilty of making a false statement to an investigating officer with the EFCC and sentenced to a fine of N100,000.00
“Justice Faji, however, discharged Thomas on counts one, two, three, four, and seven of the charge”.
