Popular businessman and music executive Emeka Okonkwo, widely known as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly abusing Nigeria’s currency and defacing foreign currency at a public event.
E-Money, who serves as the CEO of Emmy Cargoes Nigeria Limited and founder of Five Star Music, was taken into custody in Lagos on the morning of Tuesday, April 29, following what officials described as a clear violation of the Central Bank of Nigeria’s (CBN) guidelines on the handling of currency in public spaces.
According to sources within the EFCC, the arrest was prompted by viral footage showing the socialite spraying both Nigerian naira and U.S. dollars during a lavish party in Lagos—a practice outlawed under Nigeria’s currency laws and the Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currency,” an EFCC insider revealed. “He was specifically seen spraying U.S. dollars, which is prohibited under the law.”
The EFCC confirmed that the businessman has since been transferred to Abuja, where he is expected to face further questioning.
“Yes, he has been arrested and is currently being flown to the capital to continue with the interrogation process,” another official stated.
The arrest comes amid ongoing efforts by Nigerian authorities to clamp down on financial misconduct and promote strict adherence to currency regulations.
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E-Money Arrested Over Naira Abuse, Faces EFCC Probe – TV360 Nigeria
