A former Executive Secretary of the National Health Insurance Scheme (NHIS), Olufemi Martins Thomas, and a Bureau De Change operator, Kabiru Sidi, have been convicted of a $2.1 million fraud case.
Thomas was sentenced to a fine of N10 million for transacting beyond the legal threshold without utilizing a financial institution, while Sidi was fined N100,000 for making a false statement to an Economic and Financial Crimes Commission (EFCC) official.
The court found Thomas guilty of money laundering and transferring proceeds of unlawful activities in cash, while Sidi was found guilty of making a false statement to an EFCC investigator.
The EFCC had brought amended seven charges of money laundering against the duo, with Thomas facing six counts related to money laundering and Sidi facing one count of making a false statement.
The judge, Ayokunle Faji, delivered the judgment, convicting Thomas on specific counts and discharging him on others.
The court held that the prosecution had established a prima facie case against the defendants, which had been upheld by the Court of Appeal after an initial no-case submission by the defense was overruled.
The EFCC’s investigation revealed that Thomas had procured his wife to disguise the unlawful origin of about $2 million, while Sidi had made a false statement to an EFCC official, claiming he had given over $2 million to another individual.
The court’s decision serves as a warning to individuals who engage in financial crimes and highlights the importance of financial institutions in preventing money laundering.
