The Economic and Financial Crimes Commission (EFCC) has detained prominent Lagos businessman and socialite Emeka Okonkwo (aka E-Money) for alleged violations of Nigeria’s currency laws, including the abuse of Naira notes and defacement of foreign currencies.
The anti-graft agency confirmed the arrest occurred during a late-night operation at E-Money’s Lagos residence on Monday. Investigators allege the socialite engaged in prohibited currency spraying activities at a Lagos social event, with photographic/video evidence showing handling of both Naira and US dollar bills in violation of:
✔ Central Bank of Nigeria Act 2007 (Section 21)
✔ Foreign Exchange (Monitoring & Miscellaneous Provisions) Act
An EFCC source revealed: “The suspect has been transferred to our Abuja headquarters for detailed interrogation ahead of imminent prosecution.” The Commission maintains this arrest reinforces its ongoing “Naira Protection Initiative” targeting high-profile currency abuses.
E-Money’s legal team has yet to issue a statement regarding the allegations. If convicted, the socialite faces potential penalties including:
- Up to 6 months imprisonment for Naira mutilation
- Fines up to N50,000 per violation
- Possible forfeiture of involved currencies
This development follows the EFCC’s recent high-profile conviction of cross-dresser Bobrisky for similar offenses, signaling intensified enforcement against currency abuses among celebrities and affluent individuals.
