E-Money Released After EFCC Interrogation Over Alleged Currency Abuse

Lagos, Tuesday – Popular Lagos businessman and socialite Emeka Okonkwo, popularly known as E-Money, was released on Tuesday evening after being detained and interrogated by the Economic and Financial Crimes Commission (EFCC) over alleged currency abuse and violation of the Foreign Exchange Act.

E-Money was arrested on Monday night at his residence in the Omole area of Lagos and transported to the EFCC’s Abuja office. According to sources within the anti-graft agency, the arrest stemmed from allegations that the socialite sprayed U.S. dollars at social events, a practice that reportedly contravenes Nigeria’s foreign exchange regulations.

“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,” an EFCC official confirmed. “Preliminary investigations are ongoing, and he will be charged to court as soon as investigations are concluded.”

Following his release on Tuesday, E-Money posted a video on his Instagram handle, @iam_emoney1, where he appeared relaxed and appreciative, thanking supporters for their encouragement. Accompanied by the gospel song “Thank You for Saving Me,” the caption read: “No tension, everywhere good, I see all your love and support. God bless you all.”

The news of his release was met with celebration among his supporters, including fellow socialite and close associate Pascal Okechukwu, popularly known as Cubana Chief Priest, who shared his joy on Instagram: “My brother don fall out, To God be the glory.”

As of press time, official confirmation from the EFCC spokesperson Dele Oyewale remained pending, despite multiple attempts to reach him.

The incident adds to a growing list of public figures under scrutiny by Nigerian authorities for currency-related offenses, as regulatory agencies ramp up enforcement of financial conduct laws.

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