EFCC ARRESTS MUSIC EXECUTIVE E-MONEY OVER ALLEGED NAIRA ABUSE, FOREIGN CURRENCY DEFACEMENT

The Economic and Financial Crimes Commission (EFCC) has arrested popular Nigerian businessman and music executive, Emeka Okonkwo, widely known as E-Money. The arrest was made on Tuesday morning in Lagos over alleged abuse of the naira and defacing foreign currency.

According to sources within the anti-graft agency, E-Money is under investigation for spraying both naira and United States dollars at a social event in Lagos, which violates Nigeria’s currency laws and the Foreign Exchange Act.

“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,” a source within the EFCC said.

Another source confirmed the arrest, adding that E-Money was being transported to Abuja for further questioning. “Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the official said.