Breaking News:EFCC Arrests Music Executive E-Money Over Alleged Naira Abuse, Dollar Spraying
The Economic and Financial Crimes Commission (EFCC) has arrested popular businessman and music executive, Emeka Okonkwo, widely known as E-Money, over alleged abuse of the naira and unlawful handling of foreign currency.
E-Money, the Chief Executive Officer of Emmy Cargoes Nigeria Limited and Five Star Music, was picked up by EFCC operatives on Tuesday morning in Lagos.
According to sources within the anti-graft agency, the arrest is linked to an incident at a recent Lagos social event where E-Money allegedly sprayed both Naira and U.S. dollars—a violation of Nigeria’s currency regulations and the Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act,” a senior EFCC official disclosed.
Another source confirmed that the music mogul was immediately flown to Abuja for further interrogation by investigators.
As of press time, the EFCC has not issued an official statement, but the development has sparked wide interest given E-Money’s public profile in Nigeria’s entertainment and business sectors.