Emeka Okonkwo, the popular Lagos socialite and businessman better known as E-Money, was arrested by the Economic and Financial Crimes Commission (EFCC) on Monday night at his residence in the Omole area of Lagos. He was subsequently transported to the EFCC headquarters in Abuja for interrogation over allegations of misusing the Nigerian currency and defacing foreign currency.

The arrest was linked to accusations that E-Money had publicly sprayed U.S. dollars, an act that allegedly violates Nigeria’s Foreign Exchange Act, which prohibits the defacing or misuse of foreign currency in a way that could cause financial instability.

An anonymous EFCC official confirmed the details, stating, “E-Money was arrested on Monday night for currency abuse and the defacement of foreign currencies. Specifically, he is accused of spraying U.S. dollars, which contravenes the Foreign Exchange Act. Initial investigations are ongoing, and he will be charged in court once the investigations are concluded.”

After several hours of questioning, E-Money was released late on Tuesday evening. He expressed his gratitude to his supporters in a video posted on his verified Instagram handle, @iam_emoney1. In the video, he appeared at home with a gospel song in the background, saying, “No tension, everywhere good. I see all your love and support. God bless you all.”

His close associate, fellow socialite Pascal Okechukwu (Cubana Chief Priest), also took to Instagram to celebrate his release, writing: “My brother don fall out. To God be the glory.”

The incident has sparked a wide range of discussions across social media and among Nigerians about the potential legal consequences of such actions, as well as its impact on the business community.

While investigations are still ongoing, it remains unclear whether formal charges will be filed against E-Money or if the case will be dismissed entirely.

For now, the businessman’s release brings a temporary pause in what could turn into a landmark case involving the misuse of foreign currency in Nigeria.