Ex-NHIS boss, BDC operator convicted for $2.2m money laundering in Lagos

A Federal High Court in Lagos has convicted former Executive Secretary of the National Health Insurance Scheme (NHIS), Dr. Olufemi Martins Thomas, and a Bureau De Change (BDC) operator, Kabiru Sidi, for offences related to a $2.2 million money laundering scheme.

Justice Ayokunle Faji delivered the ruling on Thursday, July 24, 2025, following a full trial instituted by the Lagos Zonal Directorate of the Economic and Financial Crimes Commission (EFCC). The duo had been arraigned on an amended seven-count charge bordering on money laundering and making false statements.

Dr. Thomas faced six counts, primarily for laundering and transferring proceeds of unlawful activities amounting to $2,198,900.00. Kabiru Sidi, on his part, was charged with making false statements to EFCC investigators, claiming he handed the funds to another individual, Bamidele Ibiteye.

The EFCC prosecution, led by Ekele Iheanacho (SAN), presented six witnesses and successfully argued that the defendants failed to justify the legitimate origin of the funds, contrary to the provisions of the Money Laundering (Prohibition) Act.

In his judgment, Justice Faji found Thomas guilty of conducting transactions beyond the legal cash threshold without using a financial institution and fined him N10 million.

He was, however, discharged on five other counts.

Sidi was found guilty of providing false information to EFCC officials and was fined N100,000.

The case, which began in 2015, highlights the EFCC’s sustained effort to prosecute high-profile financial crimes and enforce anti-money laundering regulations in Nigeria.