9News Nigeria (Abuja) Nigerian businessman and entertainment mogul, Emeka Okonkwo, popularly known as E-Money, has regained his freedom after hours of intense interrogation by operatives of the Economic and Financial Crimes Commission (EFCC) at the agency’s headquarters in Abuja.
9News Nigeria earlier reported that E-Money was arrested in Lagos earlier this week over allegations bordering on the abuse of the naira and other financial misconduct. He was subsequently moved to Abuja by EFCC operatives for further questioning under tight security.
The flamboyant figure, known for his lavish lifestyle and influence in the entertainment and logistics industries, was reportedly invited after viral videos surfaced online showing him spraying naira notes at public functions, a practice criminalized under Nigerian law.
Sources within the commission revealed to 9News Nigeria that E-Money was grilled for several hours and asked to provide documentation relating to his financial transactions and public conduct. He was released late Tuesday evening on administrative bail after making written statements and pledging to cooperate fully with the investigation.
EFCC spokesperson Dele Oyewale confirmed the release, noting that “E-Money has been granted bail after he honoured our invitation and assisted our investigators. He may be invited again if necessary.”
This development follows a pattern of high-profile arrests by the EFCC targeting Nigerian socialites, especially those with a large following on social media and a public record of ostentatious displays of wealth.
In 2021, the commission arrested another prominent Igbo businessman, Obinna Iyiegbu, popularly known as Obi Cubana, also in Abuja. 9News Nigeria reported that Obi Cubana spent three nights in EFCC custody over alleged money laundering, tax evasion, and naira abuse, before being granted bail after intense public attention.
The EFCC has consistently warned that spraying of naira notes, defacing the currency, and other forms of currency abuse are criminal offences punishable under Nigerian laws. The agency, working in conjunction with the Central Bank of Nigeria (CBN), has intensified efforts to clamp down on such practices, particularly at high-profile events.
Though E-Money has not issued any official statement as of the time of filing this report, his associates and fans have flooded social media with messages celebrating his release.
9News Nigeria will continue to monitor and report developments related to the EFCC’s ongoing investigations and enforcement activities involving currency abuse and financial crimes in Nigeria.
