Saturday, October 4, 2025
  • Who’sWho Africa AWARDS
  • About TimeAfrica Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » EFCC Arrests E-Money Over Alleged Naira Abuse

EFCC Arrests E-Money Over Alleged Naira Abuse

April 29, 2025
in News
0
546
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

The Economic and Financial Crimes Commission (EFCC) has arrested Nigerian businessman and entertainment mogul Emeka Okonkwo, popularly known as E-Money, over allegations of Naira abuse and defacement of foreign currency — a move that highlights renewed efforts by authorities to uphold monetary discipline across Nigeria’s social and economic circles.

E-Money, well-known in Lagos for his ostentatious lifestyle and affiliations with the entertainment industry, was picked up by EFCC operatives late Monday at his residence in the upscale Lekki area. He was later flown to Abuja for further questioning, according to sources within the anti-graft agency.

The arrest follows video footage and reports that the socialite was seen spraying bundles of US dollars at a high-profile social event in Lagos, a practice that violates Nigeria’s Foreign Exchange Act and sections of the Central Bank of Nigeria (CBN) Act, which frowns upon the mishandling of legal tender. Spraying money—popular at Nigerian celebrations—is culturally rooted but now legally contentious.

While EFCC spokesperson Dele Oyewale declined to provide official comments, sources confirmed that the agency has opened an investigation and is preparing charges. If found culpable, E-Money could face prosecution similar to recent high-profile cases involving currency abuse.

This arrest comes on the heels of the conviction of popular crossdresser and influencer Idris Okuneye, known as Bobrisky, who was sentenced to six months in prison without the option of a fine for defacing Naira notes during a party.

ReadAlso

LEAKED: Inside The Deal That Freed Binance Executive

EFCC Arraigns Top Executives of Sun Trust Bank over Alleged $12m Fraud

In many parts of Africa, especially West Africa, the public spraying of money is both a sign of celebration and social status. However, Nigeria’s financial regulators argue that such practices contribute to the weakening of the currency, encourage informal forex transactions, and foster a culture of financial recklessness in a fragile economy.

ADVERTISEMENT

E-Money, who runs Five Star Music and other businesses across logistics and real estate, has not issued a statement on the matter. His arrest has sparked debates online, with some Nigerians calling for stricter regulation, while others question the EFCC’s consistency and legal authority in enforcing currency rules.

Legal scholars have pointed to a 2018 Supreme Court ruling that could limit the EFCC’s powers to prosecute certain non-financial crimes. Nonetheless, the agency has maintained that public abuse of the Naira undermines national economic integrity and must be curbed.

As investigations continue, E-Money’s case will likely reignite conversation about the clash between cultural traditions and modern economic policies in Nigeria—a conversation that reflects wider tensions between identity, legality, and governance in African societies undergoing rapid economic change.

Tags: E-MoneyEFCCNaira Abuse
ADVERTISEMENT
Previous Post

Chief Okafor Hails Governor Oborevwori Political Move as a “Pathway to Progress

Next Post

PSG’s 20-minute masterclass exposed Arsenal’s fatal weakness

You MayAlso Like

News

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

October 2, 2025
News

Moroccans clash with police during protests against World Cup spending

October 1, 2025
ExxonMobil Foundation Brings STEM Regional Competition to African Energy Week
News

ExxonMobil Foundation Brings STEM Regional Competition to African Energy Week

September 30, 2025
CLG: Africa Offers Growing Potential for Cross-Border Investment (1)
News

CLG: Africa Offers Growing Potential for Cross-Border Investment

September 30, 2025
News

Democratic Republic of Congo Minister of Mines to Speak at African Mining Week 2025

September 30, 2025
News

Egyptian ‘strong man’ pulls 700-ton ship with his teeth

September 28, 2025
Next Post
PSG players show love to the traveling support after the match.
Kin Cheung/AP

PSG’s 20-minute masterclass exposed Arsenal’s fatal weakness

Novak Djokovic withdraws from Italian Open in blow to French Open preparations

Discussion about this post

FIFA Strips South Africa of World Cup Qualifying Points After Administrative Blunder

Woman appointed Archbishop of Canterbury 

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

Egyptian ‘strong man’ pulls 700-ton ship with his teeth

Prince Harry issues strongly-worded statement over King Charles meeting

Six beers that are good for your gut health – and the ones to avoid

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1241 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1067 shares
    Share 427 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    973 shares
    Share 389 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    904 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

Woman appointed Archbishop of Canterbury 

October 3, 2025

The Guardian Newspaper Names Enugu Commissioner, Dr. Lawrence Ezeh, Amongst 65 Most Inspiring, Award-Winning Business Leaders

October 2, 2025

Poor sleep could make your brain age faster, study finds

October 3, 2025

Moroccans clash with police during protests against World Cup spending

October 1, 2025

ABOUT US

Time Africa Magazine

TIMEAFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIMEAFRICA MAGAZINE biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About TimeAfrica Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 TimeAfrica Magazine - All Right Reserved. TimeAfrica Magazine Ltd is published by Times Associates, registered Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.