Emeka Okonkwo, aka, E-Money, a popular music executive and businessman has been arrested by the Economic and Financial Crimes Commission (EFCC).
E-Money, the Chief Executive Officer of Emmy Cargoes Nigeria Limited and Five Star Music, was taken into custody on Tuesday morning in Lagos over allegations of naira abuse and defacing of foreign currency.
According to sources within the anti-graft commission, E-Money is being investigated for allegedly spraying both the naira and U.S. dollars at a recent social event in Lagos—an act that contravenes Nigeria’s currency laws and the Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act,” a source within the EFCC said.
Another official, who also confirmed the arrest, disclosed that E-Money was being flown to Abuja for further interrogation.
“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the official said.