EFCC releases E-money without charges

The Economic and Financial Crimes Commission (EFCC) has released popular businessman Emeka Okonkwo, popularly known as E-Money.

E-Money was picked up by EFCC operatives at his Omole residence in Lagos on Monday night.

He was then moved to the EFCC headquarters in Abuja for intense interrogation.

His arrest was linked to allegations of naira abuse and mishandling of foreign currencies during social events.

According to EFCC sources, E-Money was seen spraying US dollars at a recent public function.

Spraying foreign currency in public is a violation of the nation’s Foreign Exchange Act.

Section 21 of the Central Bank of Nigeria (CBN) Act also prohibits abuse of the naira and other currencies.

Since early 2024, the EFCC has intensified actions against public misuse of local and foreign currencies.

The agency insists that currency mutilation, abuse, or defacing is punishable under Nigerian laws.

E-Money’s invitation by the anti-graft agency was part of this broader crackdown on economic crimes.

He reportedly spent several hours responding to questions from top officials at the Abuja office.

His release was granted on Tuesday night after what EFCC termed “necessary clarifications.”

Following his release, the businessman took to Instagram to address his supporters and followers.

He appeared relaxed in a short video clip shared via his verified social media page.

In the video, E-Money sat in a well-furnished room with a gospel song playing softly in the background.

He captioned the post: “No tension, everywhere good. I see all your love and support. God bless you all.”

The background song played the lyrics: “Thank you for saving me, thank you, my Lord.”

Fans quickly flooded the comment section, expressing joy and relief at his safe return.

E-Money has yet to officially respond to the specific allegations levelled against him.

EFCC, however, says investigations are still ongoing into the incident and possible financial misconduct.

Observers believe this could signal more high-profile arrests in the coming weeks.

The anti-corruption body maintains that no one is above the law in matters of currency abuse.

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