Posted by Amarachi on Tue 29th Apr, 2025 - tori.ng
According to reports, the socialite was arrested on Monday night at his residence in the Omole area of Lagos.
E-Money
Nigerian businessman, Emeka Okonkwo, popularly known as E-Money, has been arrested by the Economic and Financial Crimes Commission, EFCC, over alleged currency abuse.
According to Punch, the socialite was arrested on Monday night at his residence in the Omole area of Lagos.
Sources within the commission on Tuesday said E-Money was arrested for allegedly spraying United States dollars, an act said to be in violation of the Foreign Exchange Act.
One of the sources said, “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.”
Another source stated that E-Money is currently being flown to Abuja for questioning.
The source, who is not authorised to speak to the press, said, “Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue.”
When contacted, EFCC spokesperson Dele Oyewale declined to comment on the matter.