Emeka Okonkwo, better known as E-Money, was released on Tuesday evening following several hours of questioning by officials of the Economic and Financial Crimes Commission (EFCC). The businessman and socialite had been arrested late Monday at his home in the Omole area of Lagos and taken to the agency’s headquarters in Abuja.
According to sources within the EFCC, the arrest was linked to accusations of currency abuse. He was specifically alleged to have sprayed U.S. dollars at public events, an act considered a violation of the Foreign Exchange Act, which prohibits the defacing of foreign currencies.
An official from the agency confirmed that investigations were still in the early stages and that legal proceedings would follow once evidence gathering was complete.
Shortly after his release, E-Money addressed his followers through an Instagram post on his verified account @iam_emoney1. He appeared composed in a photo taken at his residence and accompanied it with a caption thanking his supporters and expressing confidence. The background music in the video was a gospel song, “Thank you for saving me, thank you my Lord.”
His associate, Pascal Okechukwu, also known as Cubana Chief Priest, shared the news on his own Instagram handle, writing, “My brother don fall out, To God be the glory.”
As of press time, the EFCC’s spokesperson, Dele Oyewale, had not responded to requests for an official statement regarding E-Money’s release.
