Breaking news: EFCC arrest popular Nigerian businessman E-money

Popular Nigerian businessman and music executive, Emeka Okonkwo, known as E-Money, is currently in EFCC custody.

The arrest happened on Tuesday morning in Lagos, causing a stir across entertainment and business circles nationwide.

E-Money is the Chief Executive Officer of Emmy Cargoes Nigeria Limited and Five Star Music.

He was arrested for allegedly abusing the naira and defacing foreign currencies at a Lagos social event.

Sources within the Economic and Financial Crimes Commission (EFCC) confirmed the arrest to newsmen on Tuesday afternoon.

E-Money is alleged to have sprayed both naira and United States dollars during a recent party.

Spraying of currency in public violates the Central Bank Act and the Foreign Exchange Act.

According to the EFCC, spraying dollars is viewed as defacing foreign legal tender, which is a criminal offence.

A senior EFCC official said the act was captured on video and shared widely on social media.

He disclosed that the anti-graft agency acted swiftly after reviewing the trending footage from the Lagos event.

“On Monday night, we arrested E-Money for currency abuse and defacing foreign exchange,” the source revealed.

He explained that such acts undermine the integrity of Nigeria’s financial system and must not be tolerated.

The source added that the businessman was picked up without resistance from his Lagos residence.

E-Money was immediately flown to Abuja for further interrogation by EFCC investigators.

“He’s being moved to Abuja to face a special team,” the official disclosed under anonymity.

The EFCC has in recent times intensified crackdowns on naira abuse and currency misconduct nationwide.

Naira spraying at parties, weddings, and public events remains a punishable offence under Nigerian laws.

Social media users have reacted strongly, with some supporting EFCC’s action, while others expressed mixed feelings.

This development adds to rising concerns about enforcement of financial laws against influential personalities.

As of press time, EFCC has yet to issue an official statement regarding the arrest.

More details are expected to emerge as investigations continue in the coming days.

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