Prominent Lagos socialite and businessman, Emeka Okonkwo Daniel, widely known as E-Money, has been taken into custody by operatives of the Economic and Financial Crimes Commission (EFCC) over alleged abuse of the Nigerian currency and illegal handling of foreign currency.

According to a report by Punch, E-Money was apprehended at his residence in the Omole area of Lagos State on Monday night. He is alleged to have violated provisions of the Foreign Exchange Act by spraying United States dollar bills during a social function—an act considered unlawful under Nigerian financial regulations.

A source within the commission, quoted by Punch, confirmed the arrest, stating: “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.”

The source also revealed that preliminary investigations had commenced and that the suspect would be charged to court upon conclusion of inquiries. "He was arrested at his Omole, Lagos residence. Preliminary investigations are ongoing, and he will be charged to court as soon as investigations are concluded,” the source added.

Another official, who requested anonymity as they were not authorized to speak to the media, disclosed that E-Money was being transferred to the EFCC headquarters in Abuja for further interrogation.

“Yes, he has been arrested and is being flown to Abuja as I speak, to face investigators on the issue,” the source said.

E-Money’s arrest comes just days after a similar case involving hip-hop artist Terry Alexander Ejeh, popularly known as "Terry Apala." The singer was arraigned before the Federal High Court in Lagos for allegedly abusing the naira by stepping on currency notes while dancing at an event held at Madison Place, Oniru, Lagos Island.

The EFCC brought a one-count charge against the musician, accusing him of violating financial regulations. During proceedings, EFCC counsel Sulaimon Sulaiman informed the court of the charge and requested that it be read aloud for the defendant to enter a plea. Terry Apala pleaded not guilty.

Following the plea, the prosecution applied for a trial date and the remand of the defendant at the Ikoyi Correctional Centre. In response, defence counsel Felix Nwakbudu notified the court of a pending bail application and appealed for permission to move it.

Justice Akintayo Aluko adjourned the matter for hearing of the bail application and ordered the defendant to be remanded in custody pending the court's decision.

The EFCC has reiterated its commitment to clamping down on individuals and public figures involved in currency abuse and illegal foreign exchange practices, warning that such acts undermine Nigeria’s economic integrity.