Nigerian businessman Emeka Okonkwo, better known as E-Money,, has been allegedly arrested by the Economic and Financial Crime Commission for alleged Naira abuse.
According to reports, the 5-star music founder was arrested on Monday night, April 25th,, at his residence in the Omole Area of Lagos.
Sources within the commission said E-Money was arrested for allegedly spraying United States dollars, an act said to be a violation of the Foreign Exchange Act
One of the sources said, “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 to court as soon as investigations are concluded.”
The elder brother of Kcee is reportedly currently being flown to Abuja for questioning.
Last year, EFCC had arrested Cubana Chief Priest over Naira abuse. The commission filed a three-count charge against the businessman for allegedly spraying and tampering with the naira at a social event contrary to the provisions of the Central Bank Act of 2007.
Also, last year, EFCC arrested popular crossdresser, Bobrisky over abuse of the Naira which he pleaded guilty to, and had pleaded with the judge to give him another chance, promising to make good use of his platform to inform and educate his followers about spraying money. Unfortunately, the judge didn’t excuse his bad behavior and he was sentenced to jail for 6 months without an option of a fine.
