Popular businessman and socialite, Emeka Okonkwo, widely known as E-Money, was arrested on Monday, April 28, by operatives of the Economic and Financial Crimes Commission (EFCC) over allegations of abusing both the Nigerian Naira and the U.S. Dollar during a recent social event.
E-Money was picked up at his residence in the Omole area of Lagos by EFCC agents. According to sources within the agency, he was detained for allegedly violating sections of the Central Bank of Nigeria Act and the Foreign Exchange Act, which criminalize the defacement or misuse of currency notes.
One EFCC official, speaking anonymously, said, “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 EFCC has been clamping down on high-profile individuals publicly spraying cash at events, an act seen as a form of money abuse and a contributor to the depreciation of the national currency.
Section 21 of the Central Bank of Nigeria Act, 2007, prohibits any action that defaces or tampers with Naira notes, while the Foreign Exchange Act regulates the use of foreign currencies in Nigeria.
Cubana Chief Priest Reacts and Confirms Release
Celebrity barman and businessman, Pascal Okechukwu, – Cubana Chief Priest, took to Instagram to confirm the release of his friend, E-Money, from EFCC custody.
Before his reported release, Cubana Chief Priest has penned a supportive message to his friend, defending E-Money’s contributions to society and interpreting the arrest as politically motivated.
In a passionate post, Cubana Chief Priest stated, “This is a guy who just did everything to push up Southeast with his just concluded Home Coming Concert this Easter. I knew they will come for him because they just saw his strength, they are doing this so they could break him so as to make him succumb in supporting them under duress.”
He further said, “The oppression on us Igbos will never stop but let me tell all of you we will never stop. We don’t die we multiply… come 2027 we will support & vote for who we want to, we won’t be broken.”
E-Money’s Easter “Homecoming” concert, which attracted thousands in Anambra State, was widely regarded as a cultural and philanthropic boost for the South-East, cementing his reputation as a key figure in the region’s entertainment and business scenes.
EFCC’s Renewed Campaign Against Currency Abuse
The anti-graft agency has been increasingly vocal in recent months, calling attention to videos circulating on social media that show prominent individuals spraying money at weddings, funerals, and concerts.
Last year, Cubana Chief Priest himself was arraigned before the Federal High Court in Lagos on April 17 for similar allegations after he was caught spraying ₦500 notes at a party at Eko Hotel. He pleaded not guilty and was granted bail in the sum of ₦10 million.
However, the presiding judge, Justice Kehinde Ogundare, later struck out the case following a negotiated settlement between the defendant and the EFCC.
The EFCC has stated that these actions—though culturally embedded in many celebrations—violate existing financial laws and contribute to the undermining of the value of the Naira and the proper handling of foreign currencies.
The EFCC has not released an official statement on whether E-Money will face prosecution or if a settlement, similar to Cubana Chief Priest’s, was reached.
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