Abuja Correspondent| The Merit Newspaper
Lagos, April 29, 2025 — Nigerian businessman and socialite, Emeka Okonkwo, popularly known as E-Money, is currently in custody of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the Nigerian currency.
E-Money was reportedly arrested on Monday, April 28, at his residence in Omole Estate, Lagos, following an invitation by the Lagos Zonal Command of the EFCC. According to the Commission, the arrest is linked to videos circulating on social media which show the socialite spraying bundles of naira and foreign currencies at various social functions — an act that violates the Central Bank of Nigeria Act.
In a statement released by EFCC spokesperson Dele Oyewale, the agency confirmed that E-Money was brought in for questioning regarding “serial abuse of the naira and mutilation of foreign currency.” The EFCC added that the probe was triggered by public outcry and documented evidence presented by concerned Nigerians.
“The suspect is cooperating with investigators,” the EFCC stated. “Upon conclusion of the investigations, he will be charged to court.”
The anti-graft agency reiterated its commitment to enforcing laws governing currency handling and warned the public against defacing or mishandling the naira, noting that such actions are punishable under Nigerian law.
E-Money, a popular figure in Nigeria’s entertainment and business circles, is the Chief Executive Officer of Five Star Group and younger brother to music star Kingsley Okonkwo, also known as Kcee. Known for his flamboyant lifestyle and public display of wealth, the arrest has drawn wide attention both online and offline.
This development comes amid the EFCC’s intensified clampdown on currency abuse, which has in recent months seen several celebrities and socialites being investigated or prosecuted.
Legal analysts say the case could serve as a test of the agency’s determination to enforce financial discipline, especially among high-profile Nigerians.
As of press time, E-Money remains in EFCC custody pending further investigation.
