Businessman and music label owner Emeka Okonkwo a.k.a E-Money has been arrested by the Economic and Financial Crimes Commission (EFCC) on allegations of currency abuse.
E-Money was arrested in the Omole area of Lagos, flown to Abuja and taken into custody.
E-Money who owns Five Star Music allegedly sprayed naira and US dollar bills at a public event, potentially violating Nigeria’s Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
“On Monday night, we arrested E-Money for Naira abuse and defacing foreign currencies. Specifically, he was alleged to have sprayed U.S. dollars, which is against the Foreign Exchange Act,” said an EFCC source.
Recently singer Terry Alexander Ejeh a.k.a Terry Apala was remanded at the Ikoyi Correctional Centre, Lagos by a Federal High Court for alleged abuse of the naira at an event in Oniru, Lagos.
Last Idris Idris Okuneye a.k.a Bobrisky was convicted and sent to prison for abuse of the naira.
