Popular Lagos socialite and businessman, Emeka Okonkwo Daniel, widely known as E-Money, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the Nigerian currency and violation of the Foreign Exchange Act.
According to credible sources within the anti-graft agency, E-Money was apprehended late Monday night at his residence in the Omole area of Lagos.
The arrest follows allegations that he publicly sprayed U.S. dollars during a social event—an act deemed unlawful under Nigerian financial regulations aimed at safeguarding the integrity of both the naira and foreign currencies.
A senior EFCC official who spoke on condition of anonymity confirmed the arrest.
“E-Money was taken into custody for allegedly spraying foreign currency, specifically U.S. dollars, which is in violation of the Foreign Exchange Act. He was also linked to incidents involving naira abuse,” the source disclosed.
Following his arrest, E-Money was reportedly transported to Abuja on Tuesday morning, where he is expected to face further interrogation by the commission’s investigators.
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“Preliminary investigations are underway, and charges will be filed in court once the probe is concluded,” the official added.
Efforts to obtain an official statement from the EFCC were unsuccessful, as spokesperson Dele Oyewale declined to comment when reached.
E-Money, known for his flamboyant lifestyle and frequent appearances at high-profile social events, is the latest high-profile figure to come under EFCC scrutiny over naira mutilation and foreign currency abuse.
The commission has recently intensified its crackdown on currency offenses, with similar arrests making headlines in recent months.
As the investigation unfolds, the arrest is likely to reignite public discourse on financial discipline and the enforcement of currency-related laws in Nigeria’s social and entertainment spheres.