EFCC Arrests Socialite E-Money Over Alleged Naira Abuse

 The Economic and Financial Crimes Commission (EFCC) arrested prominent Lagos businessman and socialite Emeka Okonkwo Daniel, popularly known as E-Money, on Monday night, April 28, 2025, at his residence in Omole, Lagos, for alleged naira abuse and defacement of foreign currencies. 

The 43-year-old CEO of Emmy Cargoes Nigeria Limited and Five Star Music was detained for reportedly spraying U.S. dollars at a social event in Lagos, an act that violates Nigeria’s Foreign Exchange Act and Section 21 of the Central Bank of Nigeria (CBN) Act. E-Money was flown to Abuja on April 29 for further interrogation, with the EFCC stating that preliminary investigations are ongoing and charges will be filed upon completion.

The arrest follows a viral video from early April 2025 showing E-Money spraying both naira notes and U.S. dollars at a wedding in Victoria Island, prompting the EFCC’s Lagos Zonal Directorate to act. The agency’s crackdown on naira abuse, intensified since 2024, has led to high-profile arrests, including singer Terry Apala on April 25, 2025, and socialite Cubana Chief Priest in April 2024. The CBN Act criminalizes spraying, stepping on, or mutilating naira notes, with penalties including six months’ imprisonment or a N50,000 fine. Spraying foreign currency further breaches the Foreign Exchange Act, which regulates dollar transactions to stabilize Nigeria’s forex market, currently at N1,600 per dollar, per CBN data.

E-Money, known for his luxury lifestyle and music label managing artists like Kcee, has not issued a public statement, and EFCC spokesperson Dele Oyewale declined to comment, citing the ongoing probe. Sources within the commission confirmed the investigation focuses on the event’s organizers and attendees to trace the funds’ origins, amid concerns of potential money laundering links, though no such charges have been filed. The EFCC’s 2024 annual report notes 1,500 naira abuse investigations, with 300 convictions, reflecting its aggressive enforcement.

The case underscores Nigeria’s efforts to protect its currency’s integrity amid economic challenges, including 34% inflation. E-Money’s detention in Abuja’s EFCC headquarters awaits a bail hearing, expected by May 2, 2025, per Punch Nigeria. As the investigation unfolds, the outcome could set a precedent for enforcing currency laws against high-profile figures in Nigeria’s entertainment and business circles.