According to insider sources within the commission, E-Money is accused of spraying United States dollars during public events—an action said to contravene provisions of the Foreign Exchange Act.
Lagos, Nigeria – Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested popular Lagos socialite, Emeka Okonkwo Daniel, widely known as E-Money, over alleged abuse of the Naira and defacement of foreign currency.
The arrest reportedly took place on Monday night at his luxurious residence in the Omole area of Lagos State.
According to insider sources within the commission, E-Money is accused of spraying United States dollars during public events—an action said to contravene provisions of the Foreign Exchange Act. “He was arrested for allegedly spraying U.S. dollars, which violates financial regulations concerning currency handling,” one of the sources disclosed.
The EFCC is also probing allegations that the businessman engaged in other forms of Naira abuse, which the anti-graft agency has recently intensified efforts to clamp down on.
Following his arrest, E-Money was immediately flown to Abuja where he is expected to face further questioning by investigators. “Yes, he’s currently en route to Abuja for interrogation,” a commission official familiar with the matter confirmed, though not authorised to speak publicly.
The commission stated that a full investigation is underway and that E-Money will be charged to court upon conclusion of preliminary findings.
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