Court convicts ex-NHIS boss, BDC operator for $2.1m money laundering

Justice Ayokunle Faji of the Federal High Court 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 a Bureau De Change operator, Kabiru Sidi, over a $2,198,900 money laundering case.

Thomas and Sidi were arraigned by the Economic and Financial Crimes Commission (EFCC) on an amended seven-count charge bordering on money laundering. The EFCC alleged that Thomas laundered over $2.1 million, while Sidi made false statements to the anti-graft agency during investigations.

Six of the charges against Thomas were related to laundering and transferring the proceeds of unlawful activities in violation of the Money Laundering (Prohibition) Act, 2011 (as amended). Sidi faced a single charge for giving false information to an EFCC investigator.

According to one of the charges, Thomas procured a woman, identified as Mrs. Femi Thomas, to conceal the origin of $2,198,900. Sidi was accused of falsely claiming he gave over $2 million to one Bamidele Ibiteye during questioning at the EFCC’s office in Ikoyi, Lagos.

Both men pleaded not guilty, prompting a full trial. During proceedings, the prosecution, led by Senior Advocate of Nigeria Ekele Iheanacho, called six witnesses and successfully opposed a no-case submission filed by the defendants, which was also overruled on appeal.

The prosecution argued that Thomas failed to justify the legitimate origin of the funds, only claiming they came from farming ventures. The court was urged to convict both men based on the evidence of concealment and non-compliance with financial regulations under the Money Laundering Act.

In his judgment, Justice Faji found Thomas guilty of transacting beyond the legal threshold without passing through a financial institution and fined him N10 million. Sidi was found guilty of making a false statement to an EFCC officer and was fined N100,000.

However, the court discharged Thomas on five of the seven counts, including counts one, two, three, four, and seven.