Bureau De Change Operator, NHIS’s Dr. Martins Faces Court Sentence Over $2.19 Million Fraud By EFCC

The Federal High Court, Ikoyi, Lagos has found Dr. Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS), and Kabiru Sidi, a Bureau De Change operator, guilty of a $2,198,900.00 fraud charged by the Economic and Financial Crimes Commission (EFCC).

On Thursday, July 24, 2025, Justice Ayokunle Faji of the Federal High Court in Ikoyi, Lagos, handed down their conviction. The two had previously been charged with seven amended counts that bordered on money laundering by the EFCC Lagos Zonal Directorate 1.

Thomas was charged with six counts of violating the Money Laundering (Prohibition) Act, 2011, as amended, by allegedly laundering and transferring the proceeds of illegal activities. Sidi’s false statement to an EFCC official was the subject of a separate prosecution.

Thomas was charged with the following: “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).”

According to the charges against Sidi: “That you, Kabiru Sidi, on or about the 15th of July, 2015, at the office of the Economic and Financial Crimes Commission, 15A Awolowo Road, Ikoyi, Lagos, within the jurisdiction of this Honourable Court, made a false statement to Afeez Mustapha, an investigating officer with the EFCC, to the effect that you gave over Two Million United States dollars to Bamidele Ibiteye, and you thereby committed an offence contrary to Section 39(2)(b) and punishable under Section 39(2)(c) of the EFCC (Establishment) Act, 2004.”

After both defendants entered “not guilty” pleas to the charges, a full trial was held. In his closing written remarks on May 5 and 9, 2025, prosecution attorney Ekele Iheanacho, SAN, said during the trial: “In line with the charge, the prosecution called six witnesses, and the defendant made a no-case submission, which was overruled and overruled by the Appellate Court on the grounds that the prosecution had established a prima facie case against the defendant.

Also read: https://brandspurng.com/2025/07/26/fidelity-bank-launches-solar-powered-bags-for-school-children/

“The defendant entered his defence because the law required him to show how he acquired the funds legitimately. Part of his evidence was that he made a lot of money from his farming businesses. The evidence of his farming was contained in his financial statement,” he added.

Continuing, Iheanacho had this to state: “This is a case of money laundering, where the issue of concealment of transaction is paramount, and that is why the law requires such transactions to go through financial institutions so that there will be a trail. Any application that suggests otherwise will defeat the basis of Section 1 of the Money Laundering Act.”

He implored the court to dismiss both defendants’ defences and find them guilty. Thomas was fined ₦10,000,000.

Justice Faji’s ruling found Thomas “guilty of transacting beyond threshold without going through a financial institution.” On counts one, two, three, four, and seven, however, Thomas was released.

BrandSpur banking and finance news desk reports that Sidi was given a fine of ₦100,000 after being found guilty of lying to an EFCC investigator.