The Economic and Financial Crimes Commission (EFCC) has granted bail to prominent businessman and socialite, Emeka Okonkwo, popularly known as E-Money, following his arrest over allegations of currency abuse.
E-Money was taken into custody on Tuesday by EFCC operatives in the Omole area of Lagos and transported to the agency’s headquarters in Abuja.
His arrest stemmed from viral footage showing him allegedly spraying naira and U.S. dollar bills at a public event—an act which the anti-graft agency says violates Nigeria’s currency regulations under the Central Bank Act and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
A senior EFCC official, speaking anonymously, confirmed to Channels Television judiciary correspondent, Shola Soyele, that E-Money was released on bail on Wednesday and is expected to be formally charged in court soon.
The EFCC has in recent months intensified its crackdown on the abuse of Nigeria’s currency, particularly the public spraying and mutilation of banknotes. Just last week, singer Terry Apala was remanded for similar offences.
In a related development, the EFCC has also confirmed the arrest of another high-profile figure, Abuja-based socialite Aisha Achimugu. She was apprehended around 5 a.m. on Tuesday upon her arrival at Nnamdi Azikiwe International Airport from London. The agency had declared Achimugu wanted in March in connection with allegations of money laundering and criminal conspiracy.
Her legal counsel, Chikaosolu Ojukwu (SAN), condemned the arrest, calling it a violation of a prior court agreement. According to Ojukwu, Achimugu returned to Nigeria in compliance with a Federal High Court order and an undertaking to present herself to both the court and the EFCC.
“Despite her voluntary return, the EFCC proceeded with the arrest in direct contravention of the court’s directive,” Ojukwu stated. He added that his client has commenced a hunger strike in protest, branding her a “prisoner of conscience” over what he described as a breach of her fundamental rights.
The arrest occurred just a day after Justice Inyang Ekwo of the Federal High Court in Abuja ordered Achimugu to appear before the EFCC as part of an ongoing investigation.
