Posted on: Sat 26-07-2025

In a stunning verdict that’s shaking Nigeria’s healthcare leadership, the Federal High Court in Lagos has convicted Dr. Femi Thomas, former Executive Secretary of the National Health Insurance Scheme (NHIS), for violating the 5 million cash transaction limit in a high-profile 2.1 million dollar money laundering case.

Justice Ayokunle Faji found Thomas guilty of breaching the Money Laundering (Prohibition) Act by transacting beyond the legal threshold without using a financial institution. The court imposed a 10 million naira fine on the former NHIS boss.

“This is a clear case of concealment and unlawful financial dealings,” said EFCC prosecutor Ekele Iheanacho, who argued that Thomas failed to prove the legitimate source of the funds, despite claiming they came from farming ventures.

The Shocking Details:

• Thomas was accused of procuring his wife to help disguise the origin of 2,198,900 dollar
• He was arraigned alongside Kabiru Sidi, a bureau de change operator, who was charged with making false statements to the EFCC.
• The court discharged Thomas on five of the seven counts but found him guilty of transacting above the legal limit without going through a bank.

The EFCC emphasized that the law mandates all large cash transactions to be routed through financial institutions to ensure transparency and traceability.

This conviction comes years after Thomas was sacked by former President Goodluck Jonathan in 2015, and it reignites concerns about corruption within Nigeria’s healthcare administration.

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