Nigerian billionaire, businessman, and music technocrat Emeka Okonkwo, widely known as E-Money, has been nabbed by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the naira and defacement of foreign legal tender.
Reports gathered revealed that E-Money was apprehended on the night of Monday, the 28th of April 2025, at his residence at the Omole area of Lagos State for spraying both naira and defacing United States dollars at an event, an action that contravenes the regulations governing Nigeriaโs currency and the Foreign Exchange Act.
Confirming the arrest, a reliable source noted this:
“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed US dollars, which is against the Foreign Exchange Act.
โHe was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged in court as soon as investigations are concluded.”
E-Money was said to have been flown to Abuja, where further interrogation of his actions will commence.
While netizens await an official statement from the EFCC, none has been released, an act that further ignites the interest of people in the case.
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