Nigeria’s Economic and Financial Crimes Commission (EFCC) has detained prominent Lagos socialite Emeka Okonkwo Daniel, widely known as E-Money, for allegedly abusing the naira and foreign currency.
The businessman was arrested at his Omole residence on Monday night following claims he sprayed US dollars at public events—a potential breach of foreign exchange laws.
Authorities are investigating whether his actions violated the Foreign Exchange Act and Central Bank regulations, which prohibit the misuse of currency.
Spraying banknotes, though culturally common at celebrations, has drawn increased scrutiny under anti-financial crime measures.
The EFCC has not yet issued an official statement, but sources confirm E-Money remains in custody.
If charged, he could face fines or imprisonment under recent crackdowns on naira abuse.
