Popular Lagos socialite and businessman Emeka Okonkwo, better known as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC) over allegations of money laundering and currency abuse.
The arrest, which took place in the Omole area of Lagos, comes amid ongoing investigations into viral footage showing E-Money allegedly spraying naira and foreign currency at a public event. He has since been transferred to the EFCC’s headquarters in Abuja for further questioning.
Although the EFCC has not officially commented on the arrest, sources within the commission revealed that the charges may include violations of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
E-Money, the Chief Executive Officer of Emmy Cargoes Nigeria Limited and co-founder of Five Star Music, joins a growing list of celebrities facing prosecution over the abuse of Nigeria’s legal tender. Just days ago, singer Terry Apala was remanded for a similar offence.
The EFCC has recently ramped up enforcement actions targeting high-profile individuals in a renewed campaign against naira mutilation and illicit financial flows.
