On July 24, 2014, the Federal High Court in Lagos delivered a ruling that discharged and acquitted Thomas on five of six money laundering charges brought by the Economic and Financial Crimes Commission (EFCC). Justice Ayokunle Faji held that the EFCC failed to prove its case beyond a reasonable doubt.
Although acquitted on most charges, Thomas was found guilty on one count of breaching Nigeria’s cash transaction limit law. The court noted that while the cash payment exceeded the N5 million threshold, it did not constitute a criminal offense under the Money Laundering Act. As a result, Justice Faji ordered the return of the seized funds to Thomas within 14 days, provided he pays a N10 million fine.
The transaction in count five was not found to be a crime, only that it exceeded the cash threshold. I, therefore, order the prosecution to return the money to the defendant within 14 days.”
According to the judgment, the EFCC admitted that it had not investigated some of Thomas’ claims and failed to establish any unlawful enrichment. However, the court convicted him for exceeding the legal cash limit, imposing a fine instead of imprisonment.
EFCC Challenges Acquittal in the Money Laundering Case
Unsatisfied with the judgment, the EFCC has filed an appeal through its lead counsel, E.E. Iheanacho (SAN), seeking to overturn the acquittal. The anti-graft agency wants the appellate court to convict Thomas on counts 1, 2, 3, 4, and 7 of the amended charge.
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Additionally, the EFCC is asking the court to order the forfeiture of $2,198,000 (approximately N433 million) recovered from Thomas to the Federal Government.
In its grounds of appeal, the EFCC argued that the trial court relied on “imaginary and fanciful doubts” despite clear evidence of financial misconduct. The commission maintained that Thomas could not justify the sharp rise in his wealth during his time as a public official.
Citing Section 140 of the Evidence Act 2011, Section 19(5) of the EFCC Act, and Section 82 of the Lagos State Criminal Law 2011, the EFCC emphasized that Thomas failed to account for the unexplained wealth as required by law.
EFCC Points to Contradictions in the Money Laundering Case
The EFCC criticized the court’s decision to dismiss vital documentary evidence, including Thomas’ audited financial statements and asset declaration forms submitted to the Code of Conduct Bureau (Exhibits G1–G12). According to the EFCC, these documents contradicted Thomas’ claims of legitimate income sources.
Further, the commission highlighted inconsistencies in the operations of Safeline Agro Business Ltd, a company allegedly linked to Thomas. While the company declared only N3.9 million in pre-tax profits in 2014, it reportedly generated $2.2 million that same year—a figure the EFCC called “unreasonable and unsatisfactory.”
The EFCC concluded that the lower court erred by accepting selective parts of Thomas’ testimony while rejecting consistent prosecution evidence.
A date for the hearing of the appeal is yet to be set.