The Economic and Financial Crimes Commission (EFCC) has apprehended well-known Lagos socialite and billionaire businessman, Emeka Okonkwo Daniel, popularly referred to as E-Money, over allegations of Naira abuse and violation of currency-related laws in Nigeria.
According to reliable insider sources, operatives of the EFCC arrested E-Money late on Monday night at his lavish residence situated in the Omole area of Lagos State.
His arrest is said to be connected to multiple viral videos that surfaced online showing the businessman openly spraying bundles of United States dollars during public gatherings and celebrations, a practice deemed illegal under Nigeria’s Foreign Exchange Act.
An official of the EFCC, who preferred not to be named, disclosed that the socialite is not only being questioned for spraying dollars but is also under investigation for defacing foreign currency — an offence that falls under the commission’s mandate to prosecute financial crimes and uphold monetary discipline.
“Yes, we arrested E-Money on Monday night for offences related to Naira abuse and the defacing of foreign currencies. He was allegedly captured on several occasions spraying U.S. dollars at public events, which violates the provisions of the Foreign Exchange Act,” the official said.
“He was taken into custody at his residence in Omole, Lagos, and preliminary investigations commenced immediately. Once the investigations are completed, he will be formally charged to court,” the source added.
The official further confirmed that E-Money has been transported to Abuja, where he will face further interrogation and continue assisting the agency with its investigations into the alleged financial misconduct.
Attempts to get an official statement from the spokesperson of the EFCC, Dele Oyewale, proved abortive as he declined to comment on the matter at the time of filing this report.