In a high-profile corruption trial that underscores Nigeria’s deepening battle against financial crime, Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, has convicted Dr. Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS) over a $2.2 million money laundering scandal.
Dr. Thomas, also known as “Dr. Ike,” was found guilty of violating money laundering laws by moving massive sums of cash outside the banking system, a key red flag in financial crime enforcement.
His accomplice, a Bureau De Change (BDC) operator, Kabiru Sidi, was also convicted for making false statements during EFCC investigations.
The Economic and Financial Crimes Commission (EFCC) had dragged the duo before the court on a seven-count amended charge.
Thomas faced six counts of laundering and illicit fund transfers, while Sidi was charged for misleading investigators.
According to the EFCC, Thomas procured his wife, Femi Thomas, to conceal the origin of $2,198,900, proceeds suspected to be from unlawful activities violating Sections 15 and 18 of the Money Laundering (Prohibition) Act.
The illicit cash movement, dated as far back as July 3, 2015, was flagged by investigators.
Sidi, on his part, falsely claimed he handed over the $2 million to one Bamidele Ibiteye — a lie that unraveled under EFCC scrutiny.
He was convicted under the EFCC Establishment Act for obstruction of justice.
Despite initially pleading not guilty, their full trial exposed a web of shady transactions and implausible defenses.
Dr. Thomas, in his testimony, claimed the money stemmed from “farming income” a justification the court found unconvincing.
Justice Faji, in a judgment that sent a strong message to public officials and financial middlemen, sentenced Dr. Thomas to a fine of ₦10 million for conducting transactions above legal limits without routing through financial institutions, a violation aimed at concealing the funds’ origin.
Sidi was handed a lesser fine of ₦100,000 for his false statement to EFCC investigators.
While Thomas was cleared of five other counts, the judgment reaffirms the EFCC’s resolve to trace illicit financial flows and clamp down on public sector corruption, no matter how far back it dates.
The case adds to the EFCC’s growing list of convictions, as the anti-graft agency continues to tighten the noose on Nigeria’s elite financial crimes.
Reporting by Wahab Akinlade