EFCC arrests socialite E-Money over alleged money laundering, currency abuse

The Economic and Financial Crimes Commission (EFCC) has arrested prominent businessman and socialite Emeka Okonkwo, popularly known as E-Money, over allegations of money laundering and abuse of the national currency.

E-Money, the Chief Executive Officer of Emmy Cargoes Nigeria Limited and Five Star Music, was reportedly taken into custody on Tuesday in the Omole area of Lagos State. He was subsequently transferred to the EFCC headquarters in Abuja for further questioning.

Although the EFCC has not yet released an official statement, sources familiar with the arrest say the flamboyant entrepreneur may have violated sections of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act during public appearances, where he was allegedly seen spraying both Nigerian naira and U.S. dollar bills.

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Eyewitness accounts suggest that E-Money was captured on video at a high-profile social event engaging in what authorities describe as currency abuse. This is an offence the Central Bank of Nigeria and law enforcement agencies have repeatedly warned against.

E-Money, known for his lavish lifestyle and philanthropy, is yet to make any public comment regarding the arrest.

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