Lagos, April 29, 2025 — Nigerian businessman and socialite, Emeka Okonkwo, popularly known as E-Money, was earlier arrested by the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the Nigerian currency. However, he has since been released from custody.
E-Money was reportedly arrested at his residence in Omole Estate, Lagos, following an invitation by the Lagos Zonal Command of the EFCC. The Commission said the arrest followed the circulation of videos on social media showing him allegedly spraying bundles of naira and foreign currencies at various social functions — an act considered a violation of the Central Bank of Nigeria Act.
In a statement by EFCC spokesperson Dele Oyewale, the agency confirmed that E-Money was questioned over “serial abuse of the naira and mutilation of foreign currency.” The Commission stated that the investigation was prompted by public complaints and documented evidence submitted by concerned citizens.
“The suspect is cooperating with investigators,” the EFCC said. “Upon conclusion of the investigations, he will be charged to court.”
However, in a new development, E-Money was released from EFCC custody on the evening of April 29. Shortly after his release, he took to his social media platform to reassure his followers, posting: “No tension, everywhere good.”
E-Money, who is the Chief Executive Officer of Five Star Group and younger brother to music star Kingsley Okonkwo (Kcee), is known for his extravagant lifestyle and frequent public display of wealth. His arrest drew widespread attention both online and offline.
This incident is part of the EFCC’s ongoing clampdown on currency abuse, which has recently led to the investigation and prosecution of several celebrities and socialites.
Legal observers believe the outcome of the case could further signal the EFCC’s commitment to upholding financial laws, particularly among influential Nigerians.
As of press time, the EFCC has not disclosed whether formal charges will be filed against E-Money.
