The Economic and Financial Crimes Commission (EFCC) has taken popular Lagos socialite and businessman, Emeka Okonkwo Daniel, better known as E-Money, into custody for allegedly mishandling the Nigerian Naira and unlawfully spraying foreign currency.

Sources confirmed that E-Money was apprehended on Monday night at his residence in the Omole area of Lagos. His arrest is linked to accusations that he publicly sprayed U.S. dollars during social events—an act prohibited under Nigeria’s Foreign Exchange Act.

A senior EFCC official, who spoke under the condition of anonymity, confirmed the development.

“E-Money was arrested on Monday for alleged Naira abuse and defacing of foreign currency. Specifically, he is accused of spraying U.S. dollars, which violates the Foreign Exchange Act,” the source disclosed.

According to another official familiar with the matter, the businessman was immediately flown to Abuja for further questioning by investigators.

“Yes, he’s been arrested and is currently en route to Abuja for interrogation,” the official added.

E-Money, widely recognized for his extravagant lifestyle and flashy displays on social media, has long been in the public eye. His arrest comes amid growing efforts by Nigerian authorities to clamp down on the abuse of both the Naira and foreign currencies, especially at public gatherings like weddings and celebrations.

The EFCC has emphasized its commitment to enforcing financial regulations and has warned that anyone found guilty of currency-related offenses will face legal consequences.

Investigations are currently ongoing, and E-Money is expected to be formally charged once the probe is concluded.