Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested prominent Lagos socialite and businessman, Emeka Okonkwo, popularly known as E-Money, over alleged abuse of the naira and defacement of foreign currency.
E-Money was reportedly apprehended at his residence in the Omole area of Lagos on the night of Monday. Sources within the anti-graft agency confirmed on Tuesday that the businessman was arrested for allegedly spraying United States dollars at public events—an action said to contravene Nigeria’s Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars at public functions, which is in violation of the Foreign Exchange Act,” a source within the EFCC stated.
The source further revealed that E-Money is currently being flown to Abuja for further interrogation.
As of the time of filing this report, EFCC spokesperson Dele Oyewale declined to comment on the arrest. However, preliminary investigations are said to be ongoing, and the suspect is expected to be charged to court upon conclusion of the investigation.