Emeka Okonkwo, widely known as E-Money, a popular Nigerian businessman and socialite, has been arrested by the Economic and Financial Crimes Commission (EFCC). The arrest reportedly took place on Monday night, April 28, 2025, at his residence in the Omole area of Lagos State.
According to EFCC spokesperson Dele Oyewale, the arrest is tied to allegations of currency abuse. E-Money is accused of spraying U.S. dollar notes at a recent high-profile social event, a violation of Nigeria’s Foreign Exchange Act. This act has come under increasing scrutiny as authorities crack down on financial misconduct and the misuse of foreign currencies in public…...CONTINUE READING
“Preliminary investigations are ongoing,” said Oyewale. “Once concluded, E-Money will be formally charged in court.” The EFCC has also indicated it may extend its investigation to other influencers and socialites known for similar behavior.
The arrest has sparked widespread reaction across social media. Cubana Chief Priest, a well-known nightlife promoter and friend of E-Money, took to Instagram to voice his support. “This will only make you stronger, just like our Rolls Royce,” he posted.
E-Money, the CEO of Five Star Music Group, is one of Nigeria’s most flamboyant figures, often seen at elite events and known for his lavish lifestyle. His arrest has reignited conversations about wealth display, regulatory enforcement, and the role of the EFCC in tackling financial offenses beyond conventional fraud.
As the story develops, many are closely watching how the legal proceedings will unfold and what precedent it might set for similar cases.
