EFCC Releases Socialite E-Money After Interrogation Over Naira, Dollar Abuse

Popular Lagos socialite and businessman, Emeka Okonkwo, popularly known as E-Money, has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after undergoing hours of interrogation on Tuesday evening.

E-Money was arrested Monday night at his residence in the Omole area of Lagos and transported to the EFCC’s headquarters in Abuja. His arrest followed allegations of currency abuse, including the spraying of U.S. dollars at public events—an act that reportedly violates provisions of the Foreign Exchange Act and laws against Naira abuse.

According to EFCC officials, E-Money was arrested for Naira abuse and defacing foreign currencies, particularly for allegedly spraying U.S. dollars, which is against Nigerian law. Preliminary investigations are ongoing, and he may be charged to court once the probe is concluded.

The development comes amid growing efforts by regulatory bodies in Nigeria to enforce currency handling laws and crack down on the abuse of both local and foreign currencies during public celebrations.