The Economic and Financial Crimes Commission (EFCC) has arrested popular Lagos socialite and businessman Emeka Okonkwo Daniel, popularly known as E-Money, over allegations of abusing the Naira and defacing foreign currencies. The arrest took place on Monday night at his residence in the Omole area of Lagos following reports that he sprayed US dollars at a social event, an act that violates Nigeria’s Foreign Exchange Act.
Sources within the EFCC confirmed that preliminary investigations have commenced, and E-Money has been flown to Abuja for further questioning by EFCC investigators. The commission plans to charge him to court once the inquiry is concluded. EFCC spokesperson Dele Oyewale confirmed the arrest but declined to comment further on the ongoing investigation.
The incident has drawn parallels to a recent case involving Nigerian hip-hop artist Terry Apala, who was remanded by a Lagos court over similar allegations of naira abuse during a social event.
E-Money’s arrest highlights the EFCC’s intensified crackdown on currency abuse and the defacement of Nigerian legal tender, which are considered serious offenses under Nigerian law. The commission continues to investigate the circumstances surrounding the alleged currency spraying incident, which reportedly occurred at a Lagos social gathering.
