On the evening of Monday, April 28, 2025, the Economic and Financial Crimes Commission (EFCC) arrested Nigerian businessman and socialite Emeka Okonkwo, popularly known as E-Money, at his residence in Omole, Lagos. The arrest was made in connection with allegations of currency abuse, specifically the spraying of United States dollars at a social event, which is considered a violation of Nigeria's Foreign Exchange Act.​

Sources within the EFCC have indicated that E-Money is being flown to Abuja for further questioning. Preliminary investigations are ongoing, and he may face charges upon their conclusion.

This incident highlights the Nigerian government's intensified efforts to enforce laws against the misuse of both local and foreign currencies, particularly in public events where the spraying of money is a common cultural practice. The EFCC has been actively cracking down on such activities to uphold the integrity of the nation's financial regulations .​

As of now, the EFCC has not released an official statement regarding E-Money's arrest. Further developments are awaited as the investigation progresses.