Alleged Naira abuse: EFCC releases socialite E-Money after interrogation

The Economic and Financial Crimes Commission, EFCC, has released popular socialite, Emeka Okonkwo, also known as E-Money.

Diaspora Digital Media, DDM, reported that EFCC operatives on arrested E-Money on Monday night, April 28, 2025, at his residence in Omole, Lagos.

The agency confirmed his arrest in an official post.

“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act.

“He was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged to court as soon as investigations are concluded.”

They transferred him to the agency’s headquarters in Abuja for questioning.

EFCC sources said the arrest was linked to alleged naira abuse and defacing of foreign currencies.

Specifically, officials accused E-Money of spraying U.S. dollars at public functions.

The act allegedly violates the Foreign Exchange Act and the Central Bank’s regulations on currency handling.

An EFCC official confirmed the arrest on Tuesday.

He said, “We arrested E-Money at his Lagos residence for naira abuse and spraying U.S. dollars. Investigations are ongoing.”

The source added that E-Money may face charges once investigations conclude.

On Tuesday evening, EFCC reportedly released E-Money after hours of interrogation.

The socialite later posted a message on Instagram confirming his release.

He wrote, “No tension, everywhere good. I see all your love and support. God bless you all.”

E-Money appeared in the video dressed in regal attire, seated in his luxurious home.

The post included a gospel song playing in the background—“Thank you for saving me, thank you my Lord.”

The video quickly went viral across social media, drawing mixed reactions from fans and critics.

Fellow socialite, Pascal Okechukwu, also known as Cubana Chief Priest, celebrated the development.

On his Instagram handle, he posted, “My brother don fall out, To God be the glory.”

Attempts to reach EFCC spokesperson, Dele Oyewale, for official comment were unsuccessful as of press time.

Legal analysts say this case highlights EFCC’s renewed focus on enforcing naira protection laws.

EFCC had earlier cautioned celebrities against currency spraying and public naira abuse.

Observers now await possible charges against E-Money in the coming days.

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