Nigerian socialite and businessman Emeka Okonkwo, widely known as E-Money, has been released from the custody of the Economic and Financial Crimes Commission (EFCC) after hours of interrogation on Tuesday night.
E-Money was arrested late Monday at his Lagos residence in the upscale Omole area and flown to the EFCC’s Abuja office. The arrest stemmed from allegations of naira abuse and defacing foreign currency, particularly for allegedly “spraying” U.S. dollars at public events—a practice deemed illegal under Nigeria’s Foreign Exchange Act.
Shortly after regaining his freedom, E-Money took to Instagram to reassure his followers with a composed video of himself seated in a palatial setting. “No tension, everywhere good. I see all your love and support. God bless you all,” he wrote. The video, set to a gospel song with the lyrics “Thank you for saving me, thank you, my Lord,” appeared to underscore his gratitude for the outpouring of public support.
Joining the celebration, fellow socialite Pascal Okechukwu—popularly known as Cubana Chief Priest—posted a congratulatory message: “My brother don fall out. To God be the glory.”
E-Money’s encounter with the EFCC comes amid a growing wave of crackdowns on currency abuse in Nigeria. Just days earlier, singer Terry Apala was remanded in the Ikoyi Correctional Centre over similar allegations. In March, TikTok personality Murja Ibrahim Kunya was also rearrested in Kano for allegedly mishandling naira notes.
The EFCC has cited Section 21 of the Central Bank of Nigeria (CBN) Act as the legal basis for its intensified campaign in 2024 against the public misuse and defacement of the national currency. High-profile figures like social media influencer Bobrisky and Cubana Chief Priest have also faced legal action, with Bobrisky sentenced on a six-count charge following his arrest in April.
As the EFCC continues its currency protection campaign, all eyes remain on how future cases involving celebrity figures will unfold.
