The Federal High Court sitting in Ikoyi, Lagos, on Thursday, has adjourned till July 24, 2025, for judgment on the alleged $2,198,900.00 fraud case involving a former Executive Secretary, National Health Insurance Scheme(NHIS) Dr. Olufemi Martins Thomas.
Justice Ayokunle Faji fixed the judgment date in an amended charge bordering on money laundering to the tune of $2,198,900 against Thomas and Kabiru Sidi, a Bureau De Change operator, by the Economic and Financial Crimes Commission, EFCC.
Thomas is accused of transferring, in cash, proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prohibition) Act, 2011, as amended.
EFCC Allegation
The second defendant, however, is alleged to have made false statements to an official of the EFCC.
One of the counts reads: “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 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).”
The defendants denied the allegations in the charge, and a full trial commenced till the conclusion of evidence by the parties.
What transpired in court
- At the resumed sitting on Thursday, the prosecution counsel, Ekele Iheanacho SAN, informed the court that the prosecution had filed final written addresses dated May 5 and 9, 2025, for both defendants.
- He adopted the same and urged the court to convict the defendants in line with the offenses contained in the charge.
Iheanacho said: “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.”
- Iheanacho argued that part of the evidence of Thomas was that he made the funds heavily from his farming businesses as contained in his financial statement.
“The statement provided that he only made a profit of N3.9m in 2014, whereas the total turnover of the company was put at N120m for 2014.
“In court, he said that his net revenue was N354m; whereas, in the report, the net revenue was N3.9m,” Iheanacho added.
- Iheanacho stressed that the court cannot pick and choose which to believe between the two assertions.
“Documentary evidence is the hanger with which oral evidence is accessed. A documentary evidence contradicting the oral evidence renders both evidence incredible and unreliable, ” he added.
- Iheanacho alleged that the defendant’s business of farming was said to have commenced in 2007, whereas the CAC documents tendered shows it was registered in 2008.
- The prosecution tendered the account statement of the company in question as an exhibit.
Closing his argument, he submitted that “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 trial. Any application that suggests otherwise will defeat the basis of Section 1 of the Money Laundering Act”
- On the part of the defense, their legal team countered the assertion of the EFCC and urged the court to dismiss the case.
Justice Aneke adjourned the matter till July 24, 2025, for judgment.
