The Economic and Financial Crimes Commission (EFCC) has revealed the reason behind the arrest of popular Lagos socialite and businessman, Emeka Okonkwo Daniel, popularly known as E-Money, citing alleged abuse of the Naira and violation of the Foreign Exchange Act.
EFCC operatives apprehended E-Money on Monday night at his luxury residence in the Omole area of Lagos.
According to insiders within the commission, the arrest was triggered by viral footage showing the socialite spraying bundles of United States dollars at a social function—an act deemed illegal under Nigerian law.
Speaking on the development, a top EFCC official who requested anonymity said, “We arrested E-Money on Monday night for Naira abuse and defacing foreign currencies. Specifically, he was seen spraying US dollars in a public setting, which contravenes the Foreign Exchange Act and other financial regulations.
“He was picked up at his Omole residence and has since been moved to our Abuja office for further interrogation.”
The agency noted that while investigations are still in the preliminary stage, E-Money will be charged in court once the probe is concluded.
The arrest is part of the EFCC’s renewed crackdown on the abuse of Nigeria’s legal tender and the improper handling of foreign currencies in public.
Sources say the arrest was not an isolated case but follows a series of warnings and public campaigns by the EFCC urging Nigerians, especially public figures, to desist from spraying money at parties and events—an act that is considered a violation of the Central Bank Act and other financial laws.
E-Money, known for his flamboyant lifestyle, high-profile connections, and frequent public appearances alongside celebrities and politicians, has yet to comment on the matter.
The Commission has recently intensified efforts to clamp down on such practices, warning that no one, regardless of status or popularity, will be spared from prosecution if found culpable.
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