The Economic and Financial Crimes Commission (EFCC) has intensified its ongoing clampdown on currency abuse and money laundering, arresting prominent socialite and businessman, Emeka Okonkwo, popularly known as E-Money. The arrest occurred in the Omole area of Lagos State and marks another high-profile move by the anti-graft agency.
Arrest Details: E-Money in EFCC Custody
E-Money, the Chief Executive Officer of Emmy Cargoes Nigeria Limited and co-owner of Five Star Music, was arrested and subsequently transferred to the EFCC headquarters in Abuja. According to sources familiar with the matter, the arrest followed an incident where E-Money was seen at a public event allegedly spraying bundles of naira notes alongside US dollars—an act that constitutes an abuse of the Nigerian currency.
As of the time of this report, the EFCC has yet to release an official statement confirming the specific charges against E-Money. However, preliminary information suggests that the arrest is linked to a violation of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, among other possible financial misconducts.
Currency Abuse Crackdown: EFCC’s Ongoing Operation
E-Money’s arrest is part of a broader campaign by the EFCC aimed at curbing the rampant abuse of the naira and enforcing the provisions of the Central Bank of Nigeria (CBN) Act. Public spraying of money—especially at parties and ceremonies—has become increasingly common among celebrities and socialites, drawing the ire of regulators and law enforcement.
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Just days before E-Money’s arrest, popular Nigerian singer Terry Apala was remanded for similar offences, further signaling the EFCC’s resolve to clamp down on financial recklessness in the entertainment and social scenes.
Related Arrest: Aisha Achimugu Nabbed at Abuja Airport
Meanwhile, another high-profile arrest was made earlier this week. Socialite and businesswoman Aisha Achimugu was arrested by the EFCC in the early hours of Tuesday at the Nnamdi Azikiwe International Airport, Abuja. She had just returned from London when she was apprehended.
Achimugu had previously been declared wanted by the EFCC over allegations of money laundering and criminal conspiracy. Her legal counsel, Chikaosolu Ojukwu (SAN), confirmed the arrest and criticised the EFCC’s approach, stating that the move violated a court order.
“Aisha Achimugu, who arrived voluntarily into the country from London, was arrested by the EFCC around 5 a.m. on Tuesday,” Ojukwu said.
He further revealed that his client had commenced a hunger strike to protest what he described as a breach of her fundamental rights.
Court Proceedings: Legal Disputes Intensify
The arrest of Aisha Achimugu followed an order by Justice Inyang Ekwo of the Federal High Court, Abuja, who had directed her to appear before the court and the EFCC. Her legal team argues that she had returned in good faith to honour this directive but was met with forceful detention.
“In light of what transpired in court on Monday, my client returned based on the undertaking before the court to honour the EFCC’s invitation, but was arrested at the airport,” Ojukwu added.
Implications for High-Profile Nigerians
These recent arrests signal a shift in enforcement strategy by the EFCC, which is increasingly targeting elite individuals previously seen as untouchable. The implications for celebrities, business moguls, and political figures are significant, especially as the anti-graft agency intensifies its monitoring of social media videos and event coverage that display acts of currency spraying or lavish spending.
The EFCC has made it clear that the era of flaunting wealth in violation of existing laws is nearing an end, and offenders—regardless of status—will be held accountable.
Awaiting Official EFCC Statement
As of press time, the EFCC has not issued a formal statement on either arrest. However, insiders at the agency suggest that a press briefing may be held later this week to address public concerns and clarify the nature of the charges.
What you should know
The arrest of E-Money and Aisha Achimugu underscores the EFCC’s renewed commitment to enforcing Nigeria’s anti-money laundering laws and protecting the integrity of the national currency. As investigations continue, more details are expected to emerge that will shed light on the scope and implications of the alleged offences.
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By TJ News Nigeria,
Additional reporting by Omajemite Don
