Ex-NHIS boss, BDC operator convicted for $2.2m fraud in Lagos

The defendants pleaded not guilty, leading to a full trial. The prosecution, led by Ekele Iheanacho SAN, submitted final written addresses on May 5 and 9, 2025.

“In line with the charge, the prosecution called six witnesses, and the defendant made a no-case submission, which was overruled and overruled by the Appellate Court on the grounds that the prosecution had established a prima facie case against the defendant,” Iheanacho stated.

He added, “The defendant entered his defence because the law required him to show how he acquired the funds legitimately. Part of his evidence was that he made the funds heavily from his farming businesses. The evidence of his farming was contained in his financial statement.”

Highlighting the basis of the charge, Iheanacho noted, “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.”

He urged the court to convict the defendants, stating, “The prosecution had established the essential elements of the offence beyond reasonable doubt. I urge the court to discountenance the submissions of the first and second defendants and convict them as charged.”

In his ruling, Justice Faji found the ex-NHIS boss guilty on count six, for “transacting beyond threshold without going through a financial institution” and sentenced him to a fine of ₦10,000,000.00. He was discharged on counts one, two, three, four, and seven.

Sidi was found guilty of making a false statement and was sentenced to a fine of ₦100,000.00.