Operatives of the Economic and Financial Crimes Commission have arrested popular Lagos socialite and businessman, Emeka Okonkwo Daniel, popularly known as E-Money, over allegations of 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, following accusations that he sprayed United States dollars at a public event, an act prohibited under Nigerian law.
According to sources within the commission, his arrest is linked to alleged abuse of both the Naira and foreign currencies.
A senior official who spoke on condition of anonymity confirmed that E-Money’s actions, particularly the spraying of dollars at social gatherings, contravene regulations aimed at preserving the integrity of Nigeria’s currency system.
He further disclosed that E-Money was immediately flown to Abuja for further questioning and investigation.
“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. Preliminary investigations are ongoing, and he will be charged to court as soon as investigations are concluded,” the source stated.
The EFCC has been stepping up efforts in recent months to curb abuses related to the handling of both the Naira and foreign currencies at public events, as part of a broader move to strengthen Nigeria’s financial laws and reduce misuse of legal tender.
When contacted, EFCC spokesperson Dele Oyewale declined to comment on the arrest, maintaining the commission’s policy of withholding public statements until investigations are concluded.
E-Money, known for his lavish lifestyle and high-profile appearances at social events, has built a reputation as one of Lagos’ most prominent businessmen and entertainment influencers.
His arrest has sparked widespread reactions across social media, with many Nigerians calling for stricter enforcement of currency laws to deter public abuse of both local and foreign money.
Legal analysts noted that if found guilty, E-Money could face significant penalties under Nigeria’s Foreign Exchange Act and related financial regulations, which prohibit the spraying or mishandling of currency during ceremonies and public gatherings.
The EFCC’s action signals a renewed crackdown on individuals who flout Nigeria’s currency laws and underlines the agency’s commitment to strengthening financial discipline in the country.
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