Popular businessman and socialite Emeka Okonkwo, known widely as E-Money, has been released by the Economic and Financial Crimes Commission (EFCC) after being questioned for several hours.
E-Money was picked up by EFCC officials on Monday night at his home in Omole, Lagos, and taken to their office in Abuja. His arrest was connected to allegations of naira abuse and mishandling of foreign currency. Authorities say he was seen spraying US dollars at a public event — an action that goes against the Foreign Exchange Act.
EFCC has recently increased efforts to enforce currency regulations, especially since 2024, citing Section 21 of the Central Bank of Nigeria (CBN) Act which bans the abuse of the naira and defacing of foreign currency.
After his release on Tuesday night, E-Money addressed his fans through a video posted on Instagram. The post showed him sitting in an elegant room with a gospel song playing in the background. He wrote, “No tension, everywhere good. I see all your love and support. God bless you all.”
The video included lyrics which read: “Thank you for saving me, thank you, my Lord.”