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.
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.
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.