EFCC Arrests Socialite E-Money Over Naira Abuse, Dollar Spraying
By IDNN Crime Desk | April 29, 2025
LAGOS, NIGERIA — Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested Lagos socialite Emeka Okonkwo Daniel, popularly known as E-Money, over allegations of abusing the Naira and defacing foreign currencies, according to multiple sources.
Sources within the EFCC told Punch newspaper that E-Money was taken into custody on Monday night at his residence in the Omole area of Lagos.
“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,” an EFCC official told Punch.
Allegations and Investigations
E-Money is accused of spraying U.S. dollars during public events, an act that allegedly violates Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
Another EFCC source, also speaking to Punch on condition of anonymity, confirmed that the socialite is being transported to Abuja for further questioning.
“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the source disclosed.
Preliminary investigations are ongoing, and authorities said that he would be charged to court as soon as the investigative process concludes.
Broader Crackdown
The arrest comes amid an intensified EFCC crackdown on individuals involved in currency mutilation, Naira abuse, and illegal dollar spraying, a practice deemed illegal under Nigerian law.
The EFCC has previously warned that flaunting, mutilating, or abusing the Naira—whether by spraying at parties or defacing foreign currency—is a punishable offence under existing regulations.
Bottom Line
If found guilty, E-Money could face severe financial penalties or custodial sentences, depending on the outcome of the legal proceedings.
The development further underscores Nigeria’s push toward currency discipline amid ongoing economic reforms and foreign exchange regulation enforcement.
