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.
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.
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.”
“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.
“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.
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”
Justice Aneke adjourned the matter till July 24, 2025, for judgment.