EFCC arrests Lagos socialite E-Money for alleged naira abuse
The Economic and Financial Crimes Commission (EFCC), has arrested a Lagos socialite, Emeka Okonkwo Daniel, popularly known as E-Money, following allegations that he engaged in “naira abuse” by defacing foreign currencies.
Operatives from the EFCC raided E-Money’s residence in the Omole area of Lagos. Preliminary sources within the commission revealed that the arrest came after it was suspected that E-Money had sprayed United States Dollars—a move considered a direct violation of the Foreign Exchange Act.
“On Monday night, we arrested E-Money for naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed US Dollars, which is against the Foreign Exchange Act. He was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged in court as soon as investigations are concluded,” an EFCC source disclosed.
According to another anonymous insider, the investigation is expected to intensify as E-Money is reportedly being flown to Abuja for further questioning. At the time of filing this report, the EFCC has not yet released an official statement regarding these serious allegations, leaving industry watchers and the public in suspense over the potential ramifications on Nigeria’s foreign exchange policies and the broader financial system.
Critics argue that such practices, if proven, undermine the integrity of the naira and could have a ripple effect on the nation’s economic stability. Meanwhile, supporters of stringent regulatory enforcement applaud the EFCC’s proactive measures in preserving the sanctity of the nation’s currency rules.
As investigations proceed, stakeholders in the financial sector, regulatory bodies, and the public await further details. The unfolding saga of E-Money’s arrest serves as a potent reminder of the importance of upholding financial discipline and the robust actions necessary to protect national economic interests in an increasingly globalised financial landscape.
