Nigerian Socialite E-Money Arrested by EFCC for Allegedly Spraying Dollars

Nigerian businessman and socialite Emeka Okonkwo, popularly known as E-Money, has reportedly been arrested by operatives of the Economic and Financial Crimes Commission (EFCC).

According to reports from Punch, E-Money was arrested late Monday night, April 28, 2025, at his residence in Omole, Lagos, following allegations of naira abuse and defacing foreign currency.

An EFCC insider told the press:

“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.”

The source added:

“He was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged in court as soon as investigations are concluded.”

The arrest comes in connection with viral footage allegedly showing the socialite spraying U.S. dollars at a recent public event — a violation under Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.

E-Money, who is the younger brother of Nigerian music star Kingsley Okonkwo aka KCee, was reportedly flown to Abuja for further interrogation.

The EFCC has intensified its crackdown on naira abuse in recent months, with several celebrities and public figures facing scrutiny for currency-related violations.