The Economic and Financial Crimes Commission (EFCC) has detained prominent Lagos businessman and socialite Emeka Okonkwo Daniel, popularly known as E-Money, over allegations of abusing the Nigerian currency and defacing foreign notes.
Multiple sources confirmed that EFCC operatives arrested the socialite at his Lagos residence on Monday night before transferring him to Abuja for further questioning. The arrest stems from viral videos allegedly showing E-Money spraying U.S. dollar bills at a high-profile Lagos event—an act prohibited under Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
“The Commission has commenced preliminary investigations and will arraign the suspect upon concluding its inquiry,” an EFCC official disclosed on condition of anonymity. The arrest follows the anti-graft agency’s recent crackdown on currency abuse, which has seen several celebrities and public figures prosecuted for similar offenses.
While EFCC spokesperson Dele Oyewale declined official comment, investigators revealed the socialite faces charges related to both naira mutilation and improper handling of foreign currency. The specific event where the alleged violations occurred remains undisclosed, though sources indicate it was a lavish social gathering in Lagos.
This development comes months after the Central Bank of Nigeria (CBN) and EFCC launched a joint campaign against currency abuse, warning that spraying, stepping on, or defacing banknotes constitutes a criminal offense punishable by fines or imprisonment.
E-Money, younger brother to musician Kcee and CEO of Five Star Music, is known for his flamboyant lifestyle and frequent appearances at elite social functions. His arrest marks the latest high-profile enforcement action under the EFCC’s renewed focus on financial crimes beyond corruption cases.
Legal experts suggest the socialite could face prosecution under Section 21 of the CBN Act 2007, which prescribes penalties for currency abuse, alongside potential charges under foreign exchange regulations. The EFCC is expected to complete its investigation this week before filing formal charges.
The detention has sparked mixed reactions across social media, with some Nigerians applauding the EFCC’s consistency in enforcing currency laws, while others question the prioritization of such cases amid more severe economic crimes.
Authorities have not disclosed whether additional individuals present at the event will face questioning. The case continues to unfold as E-Money remains in EFCC custody awaiting arraignment.
