Popular businessman and socialite, Emeka Okonkwo, widely known as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC) for alleged abuse of the Nigerian currency. His arrest took place on Monday night at his residence in the Omole Estate area of Lagos.
According to reports, E-Money is accused of violating the Central Bank of Nigeria Act, which forbids mishandling of the Naira, including spraying, stepping on, or mutilating banknotes during public events. The EFCC, determined to uphold the law, has been cracking down heavily on such offenses in recent months.
This incident brings back memories of similar crackdowns. In early 2024, popular social media figure Bobrisky was sentenced to six months in prison for abusing the Naira during lavish celebrations. Shortly after, in March 2025, Kelly Okungbowa, also known as Ebo Stone and a former Edo State official, was arrested after a video showed him spraying money in a bar.
Following E-Money’s arrest, EFCC officials confirmed that investigations are ongoing. They stated that if found guilty, he would be charged in court as soon as the inquiry concludes. The commission also reiterated its warning to the public, urging Nigerians to respect the Naira and refrain from acts that could damage the currency’s image.
As reactions to E-Money’s arrest continue to spread across social media, the EFCC emphasized that no individual, regardless of status, is above the law when it comes to protecting Nigeria’s financial integrity.
