The Economic and Financial Crimes Commission (EFCC) on Tuesday night released popular socialite, Emeka Okonkwo, widely known as E-Money, after hours of questioning at its Abuja office.
Operatives of the anti-graft agency arrested E-Money on Monday night at his residence in the Omole area of Lagos. Sources linked his arrest to allegations of naira abuse and defacing foreign currency, particularly for allegedly spraying US dollars in public — an act that contravenes the Foreign Exchange Act.
Following his release, the businessman posted a video on his Instagram page, appearing in a regal setting with a gospel song playing in the background. The lyrics expressed gratitude: “Thank you for saving me, thank you, my Lord.”
He captioned the video: “No tension, everywhere good. I see all your love and support. God bless you all.”
Reacting to the development, fellow socialite Pascal Okechukwu, known as Cubana Chief Priest, celebrated E-Money’s release on Instagram, writing, “My brother don fall out. To God be the glory.”
E-Money’s case adds to a growing list of high-profile individuals under EFCC scrutiny for alleged currency abuse. Just days earlier, the commission remanded singer Terry Apala at the Ikoyi Correctional Centre over similar allegations.
In March, authorities rearrested TikToker Murja Ibrahim Kunya in Kano for allegedly abusing the naira.
Under Section 21 of the CBN Act, 2007, all acts that constitute Naira abuse are punishable by imprisonment for a term of not less than six months or a fine not less than ₦50,000 or both. These include: Spraying of, dancing or matching/stepping on the Naira.
The EFCC has intensified its crackdown on naira abuse since 2024, citing Section 21 of the Central Bank of Nigeria (CBN) Act.
On April 4, operatives arrested social media personality Bobrisky in Lagos for defacing the naira. A court later sentenced the crossdresser to jail on a six-count charge. Bob has had to leave Nigeria, citing constant scrutiny of his lifestyle and unacceptance of his gender as reasons.
The celebrity Barman, Cubana Chief Priest, also faces a three-count charge filed by the EFCC over alleged naira abuse.
