EFCC arrests E-Money in Lagos

The operatives of the Economic and Financial Crimes Commission (EFCC) have arrested popular Lagos socialite and businessman, Emeka Okonkwo, fondly called E-Money, over alleged naira abuse.

It was gathered that the EFCC operatives appreneed E-Money at his residence in the Omole area of Lagos on Monday night.

Sources within the anti-graft agency, on Tuesday, April 29, 2025, disclosed that the flamboyant businessman was arrested for allegedly spraying United States dollars at public events – an act believed to contravene the Foreign Exchange Act.

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“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act.

“He was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged to court as soon as investigations are concluded,” one of the sources told Punch.

Another source further revealed that E-Money is currently being flown to Abuja for questioning.

EFCC spokesperson Dele Oyewale, however, declined to speak on the matter.

The Star