‘Naira Abuse’: EFCC releases E-Money after interrogation

Emeka Okonkwo, popularly known as E-Money, was released on Tuesday night following hours of interrogation by the Economic and Financial Crimes Commission (EFCC) over alleged naira abuse and currency defacement.

The businessman and socialite was arrested on Monday night at his residence in the Omole area of Lagos and transported to the EFCC headquarters in Abuja.

His arrest was linked to allegations of spraying US dollars at public events—an act that contravenes the Foreign Exchange Act.

Shortly after his release, E-Money posted a video on Instagram showing himself in a lavish setting, with a caption that read: “No tension, everywhere good. I see all your love and support. God bless you all.” The video featured a gospel song with lyrics expressing gratitude: “Thank you for saving me, thank you, my Lord.”

Pascal Okechukwu, widely known as Cubana Chief Priest, also celebrated the development on Instagram, writing, “My brother don fall out, To God be the glory.”

E-Money’s encounter with the EFCC comes on the heels of a wider crackdown on naira abuse.

The EFCC’s ongoing enforcement drive, citing Section 21 of the CBN Act, has also seen the arrest and prosecution of other public figures.

Just days ago, singer Terry Apala was remanded at the Ikoyi Correctional Centre on similar charges.

In March, TikToker Murja Ibrahim Kunya was rearrested in Kano for allegedly abusing the naira.