On April 30, 2025, the Economic and Financial Crimes Commission (EFCC) released Nigerian socialite and businessman Emeka Okonkwo, popularly known as E-Money, on bail following hours of interrogation. The arrest, which took place on Monday night at his residence in the Omole area of Lagos, stemmed from allegations of naira abuse and defacing foreign currencies, specifically for reportedly spraying U.S. dollars at a public event—an act that violates Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
E-Money, a prominent figure in Lagos’ social scene and the CEO of Emmy Cargoes Nigeria Limited and Five Star Music, was apprehended late Monday, April 28, 2025. According to EFCC sources, the arrest was prompted by a viral video showing E-Money allegedly spraying both naira notes and U.S. dollars at a social event, actions deemed illegal under Nigerian law. He was subsequently transported to the EFCC headquarters in Abuja for further questioning.
A source within the EFCC, speaking anonymously, confirmed the allegations: “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. Preliminary investigations are ongoing, and he will be charged to court as soon as inssvestigations are concluded.”
The interrogation focused on the details of the alleged currency spraying incident, with the EFCC aiming to establish whether E-Money’s actions violated Section 21 of the Central Bank of Nigeria (CBN) Act and the Foreign Exchange Act. Spraying currency, a common practice at Nigerian social events, has been a focal point of the EFCC’s recent crackdown on naira abuse.
Release on Bail after Hours of Interrogation
After hours of questioning, E-Money was released on bail on Tuesday evening, April 29, 2025. A senior EFCC official confirmed to Channels Television that the socialite is expected to face formal charges in court soon. Following his release, E-Money took to Instagram to address his supporters, sharing a relaxed video with the caption, 'Keep your head up, stay focuced keep moving. Don't stop higher higher. We go stay away from trouble. We love you all. Thanks for the love and support.'
Why did EFCC Arrest E-Money ?
E-Money’s arrest is part of a broader EFCC campaign to curb naira abuse, which includes defacing, mutilating, or spraying currency. In recent months, the agency has targeted several high-profile figures for similar offenses. Just days before E-Money’s arrest, hip-hop artist Terry Apala was remanded in custody by the Federal High Court in Lagos for allegedly stepping on naira notes while dancing at an event. Other celebrities, including Bobrisky and Cubana Chief Priest, have also faced charges for naira abuse in 2024.
The EFCC’s intensified efforts stem from Section 21 of the CBN Act, which prohibits actions that deface or disrespect the naira, and the Foreign Exchange Act, which regulates the handling of foreign currencies. Violators face potential imprisonment or hefty fines, with the Foreign Exchange Act stipulating up to five years in prison or a fine equivalent to five times the value of the foreign currency involved.
What’s Next for E-Money?
While E-Money has been released on bail, the EFCC has indicated that he will soon face charges in court. The agency is finalizing its investigation, and the outcome of the case could set a precedent for how naira abuse allegations are handled moving forward. Legal experts suggest that E-Money’s high profile and the public nature of the alleged offense may influence the court’s approach, potentially leading to a fine or a plea deal, as seen in previous cases like that of Cubana Chief Priest.
For now, E-Money appears to be maintaining a positive outlook, as evidenced by his Instagram update. However, the case shows the EFCC’s commitment to enforcing currency regulations and the challenges of balancing cultural practices, such as money spraying, with legal compliance in Nigeria.
The release of E-Money on bail marks a significant development in the EFCC’s ongoing crackdown on naira abuse. As the agency prepares to charge him in court, the case highlights the tension between Nigeria’s social traditions and its financial regulations. Stay tuned for updates on this high-profile case and its implications for Nigeria’s entertainment and business elite.