Olufemi Thomas, a former executive secretary of the National Health Insurance Scheme (NHIS), has been found guilty by the Federal High Court in Ikoyi, Lagos, for breaking the country’s cash transaction cap law.
He was cleared of all charges of money laundering by the court, though.
Justice Olayinka Faji ruled that Thomas had been held legally innocent of all six of the charges brought against him by the Economic and Financial Crimes Commission (EFCC).
The EFCC admitted during the trial that it had not established that the defendant had been unlawfully enriched and that it had not investigated several of his allegations during the trial.
In response, the court mandated that Thomas pay a 10 million dollar fine and the EFCC return all funds seized from him within 14 days.
Following his conviction on count 5, which involved making a payment in cash that was above the permitted $5 million threshold, the fine was levied.
The judge argued that “the act of paying above the cash threshold is a violation” even though it was not proven to be the result of unlawful activity.
Thomas was required to pay a 10 million dollar fine instead of going to jail and be unable to travel abroad until the fine has been paid in full.
Read more about the EFCC’s investigation into a suspect with undeclared $14, 567, and other foreign currency at Lagos Airport.
Kabiru Sidi, the only defendant in the case, was found guilty by the court, who was also on the same count as him because he falsely claimed to be the owner of $2.1 million during the EFCC’s investigation.
On a revised seven-count charge, Thomas and Sidi were first arraigned on June 28, 2017, for making false statements regarding the movement of $ 2,198,900 allegedly in cash.
The EFCC claimed that its Lagos Zonal Directorate 1 had arraigned the duo in a statement from its Head of Media and Publicity, Dele Oyewale.
Money laundering and the unlawful transfer of cash, according to Thomas’ six charges, which were brought against him in a violation of the 2011 Money Laundering (Prohibition) Act (as amended).
On the other hand, Sidi was charged with lying to an EFCC official.
At the hearing, both men entered a not-guilty plea. In his final written statement, Ekele Iheanacho, the prosecution’s senior attorney of Nigeria, stated in his final written address that, “In accordance with the charge, the prosecution called six witnesses, and the defendant made a no-case submission,” which was overturned and later overturned by the Appellate Court on the grounds that the prosecution had established a prima facie case against the defendant.
The defendant argued that the defendant needed to demonstrate how legitimately he seized the funds when the law mandated. He claimed, among other things, that he had a large income from his farming businesses. His financial statement contained the proof that he had grown.
Iheanacho had also stated, “This is a case of money laundering, where the issue of concealment of transaction is crucial, and that is why the law mandates that such transactions go through financial institutions so that there will be a trial,” before closing his argument. Any claim that makes otherwise will violate Section 1 of the Money Laundering Act’s justification.
He therefore urged the court to reject the first and second defendants’ arguments and declare them innocent.
However, the court found the first defendant innocent on the money laundering counts in its decision.
Source: Channels TV
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