Lagos, Nigeria — April 29, 2025
Popular Nigerian businessman and socialite, Emeka Okonkwo, widely known as E-Money, has reportedly been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the Nigerian naira and defacement of foreign currency.
According to sources familiar with the matter, E-Money was apprehended on Monday night at his residence in the Omole area of Lagos. The arrest is said to be linked to a viral video that allegedly captured him spraying U.S. dollars at a social event—an act considered a violation of Nigeria’s Foreign Exchange Act and the Central Bank’s currency handling regulations.
An EFCC source, who spoke on condition of anonymity, disclosed that preliminary investigations are already underway. The socialite is expected to face further interrogation at the commission’s headquarters in Abuja and may be charged to court upon conclusion of the investigation.
As of the time of filing this report, the EFCC has not issued an official statement confirming the arrest.
The development comes amid the commission’s intensified crackdown on naira abuse and currency-related infractions, particularly among celebrities and public figures.
