Business mogul and socialite Emeka Okonkwo, popularly known as E-Money, has been released by the Economic and Financial Crimes Commission (EFCC) following his detention over alleged violations of Nigeria’s currency laws.
The Five Star Music founder was arrested Monday night at his Omole, Lagos residence and transported to Abuja for questioning regarding incidents of naira abuse and improper handling of foreign currency. The charges specifically relate to viral videos showing the celebrity spraying U.S. dollars at a public event, which contravenes Section 21 of the Central Bank of Nigeria Act.
EFCC officials confirmed the release late Tuesday but remained silent on whether formal charges would be filed. The commission has intensified enforcement of currency protection laws in recent months as part of broader financial system reforms.
In his first public statement since the ordeal, E-Money posted a composed video message on Instagram, featuring a gospel soundtrack with lyrics expressing gratitude. “No tension, everywhere good. I see all your love and support. God bless you all,” read his caption, signaling relief after the high-profile interrogation.
The arrest marks the latest in EFCC’s crackdown on currency abuses by celebrities and socialites, following similar cases against figures like Cubana Chief Priest. While authorities maintain these actions protect Nigeria’s financial integrity, critics continue debating the consistency of enforcement across different socioeconomic groups.
As one of Nigeria’s most visible businessmen with interests spanning logistics, entertainment, and philanthropy, E-Money’s case has drawn significant public attention. Industry observers now await potential next steps from anti-graft authorities as the businessman resumes his activities.
The EFCC’s currency protection drive appears set to continue, with financial analysts suggesting more high-profile cases may emerge as the commission seeks to deter public displays of wealth that violate monetary regulations. Meanwhile, E-Money’s supporters celebrate his release, viewing the outcome as a temporary reprieve in ongoing tensions between flamboyant socialites and financial regulators.
