Popular Lagos businessman and socialite, Emeka Okonkwo Daniel, known widely as E-Money, has been arrested by the Economic and Financial Crimes Commission (EFCC).
His arrest is connected to alleged abuse of the Naira and defacing of foreign currency.
Sources within the Commission confirmed that E-Money was arrested on Monday night at his residence in the Omole area of Lagos.
The arrest followed allegations that he publicly sprayed United States dollars, which goes against Nigeria’s Foreign Exchange Act.
One of the sources familiar with the operation disclosed,
“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed US dollars, which is against the Foreign Exchange Act.”
The arrest was carried out quietly by operatives who arrived at his Lagos home late at night.
Preliminary investigations have already begun, and the EFCC intends to press charges once inquiries are concluded.
“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 source added.
Moreover, a separate source who asked not to be named revealed that E-Money was immediately moved out of Lagos following his arrest.
“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the source stated.
Meanwhile, as of the time this report was written, the EFCC has yet to issue an official statement about the arrest.
However, the developments are already generating reactions across social media, with many commending the Commission for enforcing the law.
Spraying money at events has become common among celebrities, but the law forbids such acts, especially when it involves foreign currency.
Furthermore, this move shows that no individual, no matter how wealthy or popular, is above the law.
This latest arrest is likely to serve as a warning to others who may be planning to violate financial laws.
The EFCC, established in 2003, has remained firm in its mission to uphold discipline in Nigeria’s financial space.
