A Federal High Court sitting in Ikoyi, Lagos, has convicted Dr. Olufemi Martins Thomas, a former Executive Secretary, National Health Insurance Scheme, NHIS, and one Kabiru Sidi, a Bureau De Change Operator, for $2,198,900.00 fraud.
The accused were arraigned on an amended seven-count charge bordering on the laundering of $2,198,900.00 brought against them by the Lagos Zonal Directorate 1 of the EFCC. Six of the counts against Thomas bordered on money laundering and transferring, in cash, proceeds of unlawful activities, contrary to the provisions of the Money Laundering (Prohibition) Act, 2011 as amended. The second defendant, however, was prosecuted only on count six, bordering on making false statements to an official of the EFCC.
Dr. Martins Oluwafemi Thomas was said to have procured his wife Mrs. Femi Thomas to disguise the unlawful origin of the sum of $2, 198, 900 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).
On his part, BDC operator Kabiru Sidi is said to have made a false statement to Afeez Mustapha, an investigating officer with the EFCC claiming to have given$2million to Bamidele Ibiteye acting on behalf of Dr. Femi Thomas.
The defendant claimed that he made the funds heavily from his farming businesses but his financial statement revealed otherwise making it a case of money laundering.
While closing his argument, Counsel for the EFCC said “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”
Ruling
Delivering judgment, the judge found Thomas “guilty of transacting beyond threshold without going through a financial institution” and sentenced him to a fine of N10,000,000.00 (Ten Million Naira).
The second defendant, Sidi, was found guilty of making a false statement to an investigating officer with the EFCC and sentenced to a fine of N100,000. Justice Faji however discharged Thomas on counts one, two, three, four and seven of the charge.
