In a landmark ruling that underscores Nigeria’s intensifying war against corruption, a 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 a Bureau De Change operator, Kabiru Sidi, for their roles in a brazen $2.2 million money laundering scheme.
The duo were found guilty after a prolonged trial led by the Economic and Financial Crimes Commission (EFCC), which charged them with a seven-count amended charge centered on money laundering and false declaration of funds—an offense that has now sent shockwaves through Nigeria’s healthcare and financial sectors.
The Charges and Shocking Details
Dr. Thomas, also known as “Dr. Ike,” was accused of orchestrating the illicit movement of $2,198,900 through illegal channels, bypassing lawful financial procedures, and disguising the origin of the funds. According to EFCC investigators, the funds were funneled through his wife, Femi Thomas, to obscure their criminal origin.
One of the counts against him stated:
> “That you, Dr. Martins Oluwafemi Thomas, the former Executive Secretary of the National Health Insurance Scheme, on or about the 3rd of July, 2015, at Lagos, 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)…”
Meanwhile, Sidi faced a separate charge of willfully misleading EFCC investigators. He falsely claimed to have handed over the $2 million to another individual, a claim proven to be a calculated attempt to derail the investigation.
> “That you, Kabiru Sidi, on or about the 15th of July, 2015, at the office of the EFCC, made a false statement… to the effect that you gave over Two Million United States dollars to Bamidele Ibiteye…”
Despite pleading “not guilty,” both defendants were put to trial. Prosecution counsel, Ekele Iheanacho, SAN, highlighted the extensive efforts by the EFCC to establish the money trail and expose the laundering tactics. He revealed that Thomas attempted to defend the vast funds as earnings from an alleged “thriving farming business.”
> “This is a classic case of money laundering,” Iheanacho asserted. “The concealment of funds, failure to route the transaction through financial institutions, and deliberate obfuscation of source constitute a direct violation of the Money Laundering (Prohibition) Act.”
The defense’s argument was systematically dismantled, with the court rejecting the claim that the funds were lawfully earned. The judge emphasized that the threshold for such transactions must involve regulated financial institutions—a rule Thomas blatantly ignored.
Delivering his ruling, Justice Ayokunle Faji declared Thomas guilty on the charge of “transacting beyond threshold without using a financial institution.” He was slammed with a ₦10,000,000 fine but was discharged on five other counts.
Sidi, on the other hand, was convicted for lying to EFCC operatives and fined ₦100,000.
While the sentences were monetary, legal analysts argue that the convictions serve as a stern warning to public officials and financial operators attempting to manipulate Nigeria’s financial systems for illicit gains.
This conviction adds to a growing list of high-profile corruption cases involving senior government officials, especially within Nigeria’s healthcare and public service sectors. The ruling reignites public discourse about transparency, accountability, and the importance of robust institutional oversight.
The EFCC has hailed the judgment as another victory in its relentless battle to rid Nigeria of economic and financial crimes. With the gavel now dropped, the case of Dr. Olufemi Thomas and Kabiru Sidi will be remembered as a cautionary tale in the annals of Nigeria’s anti-corruption crusade.
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