The Federal High Court in Ikoyi, Lagos, has convicted Dr. Olufemi Thomas, former Executive Secretary of the National Health Insurance Scheme (NHIS), for breaching Nigeria’s cash transaction limit law.
Justice Olayinka Faji delivered the judgment on Thursday, finding Thomas guilty on one count of exceeding the ₦5 million cash payment limit stipulated by law.
However, he was acquitted on five other counts related to money laundering, as the court ruled that the Economic and Financial Crimes Commission (EFCC) failed to prove those charges beyond reasonable doubt.
The judge noted that while the funds involved were not shown to be proceeds of unlawful activity, the direct cash payment above the legal threshold constituted a statutory violation. As a result, Thomas was fined ₦10 million in lieu of imprisonment and barred from international travel until the fine is paid in full.
The court also ordered the EFCC to return all seized funds to Thomas within 14 days.
Meanwhile, the second defendant, Kabiru Sidi, was convicted on the single charge against him for falsely claiming ownership of \$2.1 million during the EFCC’s investigation.
Thomas and Sidi were initially arraigned on June 28, 2017, on a seven-count amended charge involving conspiracy, illegal cash movement, and false declarations. While Thomas faced six counts, primarily under the Money Laundering (Prohibition) Act, Sidi was prosecuted for misrepresentation during the investigation.
The EFCC, through its counsel, SAN Ekele Iheanacho, had argued that the transactions lacked transparency and were designed to avoid regulatory oversight. Although Thomas defended the legitimacy of the funds, claiming they came from his farming business, the court found no evidence of unlawful enrichment.
Despite the partial conviction, the EFCC has expressed its intent to challenge the verdict on the acquitted counts.
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