![CEO of Emmy Cargoes Nigeria Limited and founder of Five Star Music, Emeka Okonkwo, widely known as E-Money. [Getty Images]](https://image.api.sportal365.com/process//smp-images-production/pulse.ng/29042025/1aeecf4a-eb2a-4b80-a3c1-fb49450bbfed.jpg?operations=autocrop(1042:580))
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Popular businessman and music executive Emeka Okonkwo, widely known as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly abusing Nigeria’s currency and defacing foreign currency at a public event.
E-Money, the CEO of Emmy Cargoes Nigeria Limited and founder of Five Star Music, was taken into custody on Tuesday morning, April 29, in Lagos following what officials describe as a clear violation of the Central Bank of Nigeria’s guidelines on the handling of currency in public spaces.
According to officials within the EFCC, the arrest stems from footage showing the socialite spraying both naira and U.S. dollars during a lavish party in Lagos—a practice outlawed under Nigeria’s currency laws and the Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currencies,” a source within the EFCC disclosed.
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“Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act.”
Another EFCC official confirmed that the businessman has been transferred to the nation’s capital for further interrogation.
“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the source said.
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As of the time of this report, EFCC has not issued an official statement, and E-Money has yet to comment on the allegations.
The arrest has stirred conversation on social media, with many Nigerians questioning the enforcement of currency laws and the culture of extravagance at high-profile events.