Popular Nigerian businessman and entertainment executive, Emeka Okonkwo, widely known as E-Money, is trending across the country following his arrest by the Economic and Financial Crimes Commission (EFCC) on Monday, April 28, 2025.
The arrest was reportedly linked to allegations of currency abuse at a social event where E-Money was seen spraying both Nigerian naira and U.S. dollars, an act that contravenes Nigeria’s financial regulations.
According to sources, EFCC operatives picked him up at his residence in Omole, Lagos, and took him in for questioning. The agency is investigating him for allegedly violating provisions of the Central Bank of Nigeria (CBN) Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, which prohibit the misuse and defacement of the national currency.
E-Money is the Chief Executive Officer of Emmy Cargoes Nigeria Limited and the founder of Five Star Music. He is known for his lavish lifestyle and frequent acts of generosity, including gifting luxury vehicles and cash during public celebrations. Videos from past events have shown him engaging in money-spraying, a common practice in Nigerian parties, but one that has increasingly drawn regulatory attention.
The EFCC has not issued a formal statement detailing the specific charges against him, but the arrest has triggered widespread reactions on social media. While some Nigerians have applauded the commission’s action as necessary for financial discipline, others argue it reflects selective enforcement against high-profile individuals. Investigations are still ongoing as the public awaits further updates.
