The Federal High Court in Ikoyi, Lagos, has fixed July 24, 2025, as the date for its ruling in the high-profile case involving Dr. Olufemi Martins Thomas, former Executive Secretary of the National Health Insurance Scheme (NHIS), and a co-defendant, Kabiru Sidi, a Bureau De Change operator. The two face serious allegations of laundering approximately $2,198,900, in violation of Nigeria’s anti-money laundering laws.
Justice Ayokunle Faji scheduled the judgment after the Economic and Financial Crimes Commission (EFCC) amended the charges to focus on unlawful cash transactions and false declarations.
Charges: Unlawful Cash Transfers and Misrepresentation
Dr. Thomas is accused of handling large sums suspected to be criminal proceeds and transferring them in a manner meant to disguise their origin—an offense contrary to provisions in the Money Laundering (Prohibition) Act of 2011 (as amended). The EFCC alleges that the transactions were deliberately structured to avoid regulatory oversight.
Kabiru Sidi, the second defendant, stands accused of supplying false information during an EFCC investigation.
One of the charges states:
“That you, Dr. Martins Oluwafemi Thomas (also known as Dr. Ike), on or about July 3, 2015, in Lagos, within the court’s jurisdiction, arranged for Mrs. Femi Thomas to conceal the origin of $2,198,900, and in doing so, committed an offense punishable under Sections 15(2)(a) and 15(3) of the Money Laundering (Prohibition) Act, 2011, as modified by the 2012 amendment.”
Both defendants have pleaded not guilty, and the matter proceeded to full trial with multiple witnesses and document submissions.
EFCC Presents Final Arguments
At Thursday’s court sitting, prosecuting counsel Ekele Iheanacho, SAN, informed the court that the EFCC had submitted its final written addresses on May 5 and 9, 2025. He formally adopted the addresses as his closing argument and called on the court to return guilty verdicts based on the evidence presented.
Iheanacho emphasized that six witnesses testified during the trial. Despite the defense’s attempt to dismiss the charges with a no-case submission, both the trial court and an appellate court rejected the motion, concluding that the EFCC had shown a prima facie case against the accused.
The prosecutor pointed out inconsistencies in Thomas’ financial disclosures. He noted that Thomas claimed his farming business generated significant income, but his official statements showed otherwise.
“In 2014, the company’s declared profit was N3.9 million, even though he later told the court his net revenue for that year was N354 million. That level of discrepancy makes the testimony highly questionable,” said Iheanacho.
Prosecution Disputes Business Origins and Documents
Iheanacho also argued that there were contradictions in Thomas’ timeline for establishing his farming enterprise. While the defendant stated the business began in 2007, corporate records from the Corporate Affairs Commission (CAC) showed that the company was not registered until 2008.
The EFCC tendered the company’s account statements as part of its documentary evidence. Iheanacho stressed that any attempt to justify such significant cash transactions outside of formal banking systems contravenes the very foundation of anti-money laundering laws.
“This case centers on concealment and evasion of proper financial channels. Nigerian law mandates that large cash movements must go through regulated financial institutions for traceability,” he explained.
He concluded that the defense’s explanations lacked credibility and urged the court to convict both defendants as charged.
Defense Responds with Rebuttal
In their response, defense counsel pushed back against the prosecution’s claims and maintained that the charges lacked merit. They asked the court to dismiss the case, arguing that the evidence presented failed to support the allegations of criminal wrongdoing.
The defense team attempted to challenge the prosecution’s evidence on both technical and factual grounds, questioning the credibility of the witnesses and disputing the financial interpretations drawn from the documents.
Judge Sets Date for Ruling
Justice Faji, after listening to the final submissions, declared that the court would issue its ruling on July 24, 2025. The upcoming judgment is expected to conclude a case that has dragged on for years, drawing public attention due to the status of the accused and the large sums involved.
Case Background and Implications
The investigation into Thomas began several years ago when large, unexplained cash transactions came under scrutiny. The EFCC’s probe uncovered what it described as deliberate efforts to launder illicit funds by routing them through associates and personal businesses.
The matter raised broader concerns about financial transparency within Nigeria’s public health sector, especially as Thomas had overseen one of the country’s most critical national institutions—the NHIS.
The case also highlights the ongoing challenges Nigeria faces in enforcing financial regulations, particularly among politically exposed persons and public office holders.
If the court finds the defendants guilty, the judgment could serve as a landmark decision reinforcing the authority of the EFCC and the judiciary in tackling sophisticated money laundering operations.
Looking Ahead
As the country awaits the final ruling, legal analysts have noted that the judgment will not only determine the fate of the two accused but could also influence how future financial crimes involving public figures are prosecuted.
The July 24 verdict may mark a turning point in how Nigeria enforces its anti-money laundering laws, especially amid increasing international scrutiny of the nation’s financial system.
