The Economic and Financial Crimes Commission (EFCC) has arrested popular Lagos socialite and businessman Emeka Okonkwo, known as E-Money, for allegedly abusing the Naira and violating currency regulations. According to reports, E-Money was apprehended at his Omole residence in Lagos on Monday night.
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The arrest follows viral videos showing him spraying U.S. dollars at public events, an act considered a breach of the Foreign Exchange Act. An EFCC official, speaking anonymously, confirmed that E-Money is also being investigated for defacing foreign currency.
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He has been transported to Abuja for further interrogation and will face charges upon the conclusion of the investigation. This incident highlights the Nigerian government's intensified crackdown on the public misuse of currency, particularly the cultural practice of "spraying" money at celebrations.
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The EFCC has previously arrested other high-profile individuals for similar offenses, emphasizing the legal consequences of such actions. As the investigation unfolds, the public awaits further details on the charges against E-Money and the broader implications for currency regulation enforcement in Nigeria
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