EFCC Arrests E-Money Over Alleged Naira Abuse & Dollar Defacing 

Popular Nigerian businessman and music executive, Emeka Okonkwo, better known as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of naira abuse and defacing foreign currency.

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According to insider sources within the EFCC, E-Money was apprehended on the night of Monday, April 28, for allegedly spraying naira and U.S. dollars at a high-profile social event—an act considered a violation of Nigeria’s currency handling laws and the Foreign Exchange Act.

The businessman was reportedly flown to Abuja immediately after his arrest for further questioning and investigation.

As of now, the EFCC has not issued an official statement regarding the arrest, but the incident has already sparked widespread reactions across social media and the entertainment industry.

Under Nigerian law, mishandling or defacing of currency, including spraying money at public events, is a punishable offense. This arrest adds to a growing list of high-profile individuals being scrutinized under the country’s tightening regulations around financial crimes and currency misuse.

E-Money, known for his flamboyant lifestyle and involvement in the entertainment and logistics sectors, has yet to make a public comments.