Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested Lagos-based businessman and socialite Emeka Okonkwo, widely known as E-Money, for allegedly abusing the Nigerian currency.
His arrest took place on Tuesday, April 29, 2025, in Lagos, following viral videos that showed him spraying naira notes at public events in violation of existing financial laws.
The EFCC confirmed in a statement that E-Money was taken into custody for questioning over “acts of currency mutilation and abuse” captured in several social media clips.
The commission stated that his arrest is part of a broader effort to sanitize public behavior towards the national currency and to serve as a deterrent against violations by high-profile individuals.
E-Money, who is the Chief Executive Officer of Five Star Group and younger brother to musician Kingsley Okonkwo (Kcee), has long drawn public attention for his extravagant lifestyle.
Known for his grand parties and philanthropic gestures, E-Money is a popular figure on social media, often seen throwing lavish celebrations where naira notes are sprayed and trampled during festivities—an act prohibited by Nigerian law.
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Under the Central Bank of Nigeria Act, Section 21, any person who sprays, dances on, writes on, tears, or otherwise tampers with the Naira risks fines or imprisonment, or both.
The EFCC reiterated that defacing or abusing the currency remains a punishable offense regardless of status or social standing.
Sources within the commission revealed that E-Money may be charged to court after the conclusion of investigations. Meanwhile, the agency has advised event organizers, entertainers, and guests to refrain from similar acts or risk prosecution.
The arrest has sparked mixed reactions online. While some netizens commend the EFCC for upholding the law without fear or favor, others argue that the commission should prioritize bigger financial crimes rather than symbolic arrests.
Crediblenewsng.com
