BREAKING: E-Money Arrested For Spraying Dollars And Naira At Lagos Party, Flown To Abuja By EFCC

In a dramatic twist that has stunned fans and the entertainment industry, Emeka Okonkwo, popularly known as E-Money, the flamboyant CEO of Emmy Cargoes Nigeria Limited and Five Star Music, has been arrested by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged currency abuse and defacing of the naira and U.S. dollar.

Sources within the anti-graft agency revealed that E-Money was taken into custody in Lagos on Tuesday morning after videos surfaced showing him lavishly spraying both naira and U.S. dollars at a recent high-profile event. Spraying currency at public events, a common practice among Nigerian elites, is a violation of the Central Bank Act, which prohibits the abuse of legal tender.

An EFCC official, speaking under the condition of anonymity, confirmed the arrest and stated that the music executive is also facing questions regarding potential breaches of 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,” the official said.

In a swift move, E-Money was reportedly transported to Abuja early Tuesday for further interrogation and possible charges. Another official confirmed the development, noting that investigators are set to probe deeper into the case.

“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the source added.

As news of his arrest spreads, social media has erupted with mixed reactions, with some criticizing the EFCC’s focus on ceremonial acts while others support the crackdown on currency abuse.

E-Money, known for his luxurious lifestyle and generous displays of wealth, has yet to make a public statement. The EFCC is expected to release an official update in the coming hours.