Justice Ayokunle Faji delivered the verdict after a protracted trial that saw both men face allegations of money laundering and false statements linked to illicit financial transactions.
Thomas, who once headed the NHIS, was arraigned on an amended seven-count charge brought by the Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1. Six of the counts involved laundering illicit funds and transferring proceeds of unlawful activities, contrary to the Money Laundering (Prohibition) Act, 2011 (as amended).
The EFCC alleged that Thomas, also known as Dr. Ike, procured his wife, Mrs. Femi Thomas, to disguise the unlawful origin of $2,198,900, in violation of anti-money laundering laws.
Sidi, the second defendant, faced charges for making false statements to EFCC investigators, claiming he handed over $2 million to another individual—a claim the court later ruled as a deliberate attempt to mislead.
