From Sola Ojo, Abuja
Justice Ayokunle Faji of the Federal High Court sitting in Ikoyi, Lagos, has adjourned to Thursday, July 24, for judgment in the $2.2 million money laundering case involving Dr Olufemi Martins Thomas, a former Executive Secretary of the National Health Insurance Scheme (NHIS).
Head of Media and Publicity, Economic and Financial Crimes Commission (EFCC), Dele Oyewale, said Thomas is being tried alongside Kabiru Sidi, a Bureau de Change operator, on an amended seven-count charge filed by the EFCC, bordering on money laundering to the tune of $2,198,900.
Six of the charges relate specifically to Thomas, while Sidi is being tried only on count six, which concerns making false statements to the EFCC.
One of the charges alleges that on or about July 3, 2015, in Lagos, Thomas procured Mrs Femi Thomas to disguise the unlawful origin of the sum of $2,198,900, thereby committing an offence contrary to Section 18 and punishable under Section 15(2)(a) and (3) of the Money Laundering (Prohibition) Act, 2011, as amended.
At the resumed hearing on Wednesday, May 29, EFCC’s counsel, Ekele Iheanacho, SAN, informed the court that the prosecution had filed and adopted final written addresses for both defendants, dated May 5 and May 9, respectively. He urged the court to convict the defendants.
Iheanacho told the court that the prosecution called six witnesses and that the defence’s no-case submission was earlier dismissed by both the trial and appellate courts. He said the defence was required to explain the legitimate source of the funds in question.
According to him, Thomas claimed to have earned the money through his farming business. However, the financial statements provided showed inconsistencies. While Thomas claimed to have made a net revenue of N354 million in 2014, the company’s financial statement reported only N3.9 million profit and a total turnover of N120 million for the same year.
The prosecution argued that the contradictions between Thomas’s oral testimony and his documentary evidence rendered his defence unreliable. Iheanacho also noted that the second defence witness, who prepared the financial report, described the relevant funds as directors’ advances and deposits for shares, not as business income. He added that all transactions referenced were in naira, not dollars, and that the figures did not appear in any asset declaration.
He further pointed out discrepancies in the claimed start date of the farming business, which Thomas said began in 2007, even though Corporate Affairs Commission (CAC) documents showed it was registered in 2008 and commenced business in 2013, according to filings with the Federal Inland Revenue Service.
Iheanacho dismissed the defence’s claim that the EFCC failed to visit the farm, arguing that the financial documents were sufficient to trace the source of the funds. He also highlighted that the funds were discovered in Lagos, not Ekiti as claimed, with no explanation provided for the movement of the funds.
He said there was no proof of tenancy or rent receipts to back Thomas’s claim of generating income from properties in Lagos, noting that mere mention of locations without further evidence was inadequate. He stressed that in a case of money laundering, concealment is central and that transactions ought to go through financial institutions as required under Section 1 of the Money Laundering Act.
Iheanacho urged the court to reject the defence’s submissions and convict both defendants as charged.
Justice Faji adjourned the matter to Thursday, July 24, for judgment.