The Economic and Financial Crimes Commission (EFCC) has arrested Lagos-based socialite and businessman, Emeka Okonkwo, popularly known as E-Money, over alleged abuse of the Naira and violation of foreign exchange regulations.
E-Money was reportedly apprehended on Monday night at his residence in the Omole area of Lagos. Sources within the anti-graft agency confirmed that the arrest followed allegations of currency abuse, specifically the spraying of United States dollars at social events — an act deemed to contravene provisions of the Foreign Exchange Act.
“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. He was specifically accused of spraying U.S. dollars, which violates the law. He was picked up from his residence, and preliminary investigations are currently ongoing,” a senior EFCC official who requested anonymity disclosed.
Another source within the agency revealed that the suspect is being flown to the EFCC headquarters in Abuja for further interrogation by investigators. “Yes, he has been arrested and is currently en route to Abuja for questioning,” the source said.
As of the time of filing this report, the EFCC spokesperson, Dele Oyewale, declined to comment on the matter.
E-Money, known for his flamboyant lifestyle and philanthropic activities, is the Chief Executive Officer of Five Star Group, a conglomerate with interests in entertainment, shipping, and oil and gas.
The EFCC has in recent months intensified its clampdown on individuals and celebrities found culpable of currency abuse, defacing legal tender, and other financial infractions, as part of efforts to sanitise Nigeria’s monetary system.
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