The Economic and Financial Crimes Commission (EFCC) has arrested popular Lagos socialite and businessman, Emeka Okonkwo, also known as E-Money, for allegedly misusing the Naira and defacing foreign currencies.
According to sources within the EFCC, officers arrested E-Money on Monday night at his home in the Omole area of Lagos.
“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed US dollars, which is against the Foreign Exchange Act,” one source said.
The source added that E-Money is being investigated and will be charged in court once the investigation is complete.
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Another official, who did not want to be named, confirmed that E-Money was being flown to Abuja for further questioning.
“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the official said.
Spraying money at events is considered a violation of Nigeria’s financial laws. The EFCC has warned in the past that such acts could lead to arrest and prosecution.