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Lizzy Chirkpi
The Economic and Financial Crimes Commission (EFCC) has apprehended Lagos-based socialite, Emeka Okonkwo, popularly known as E-Money, for alleged Naira abuse and the illegal spraying of US dollars.
Sources said E-Money was arrested at his Lagos home on Monday night and has been taken to Abuja for questioning.
The EFCC is investigating accusations that he violated Nigeria’s Foreign Exchange Act by spraying dollars at a social event and defaced the Naira.
While EFCC spokesperson Dele Oyewale declined official comment, internal sources confirmed the arrest and ongoing investigation, stating that prosecution will follow upon the completion of inquiries.
The Central Bank of Nigeria (CBN) and the EFCC are actively working to curb the abuse of the Naira.
The CBN has been engaged in public awareness campaigns to educate Nigerians on the proper handling of the Naira.
They emphasize that activities like spraying, squeezing, tearing, writing on, or trading the Naira are unlawful and unpatriotic. The CBN Act of 2007 outlines penalties for Naira abuse, which can include imprisonment, fines, or both. They also encourage the use of electronic payment methods to reduce the handling of physical cash.
The EFCC is the primary agency responsible for enforcing laws related to economic and financial crimes, including Naira abuse. The commission has been arresting and prosecuting individuals found defacing, mutilating, selling, or spraying the Naira.
Recent examples, such as the arrest and the conviction of a make-up artist in Kano, demonstrate their commitment to tackling this issue. The EFCC has also set up task forces specifically to address currency racketeering and the abuse of the Naira.
Both organizations view the proper handling of the Naira as a matter of national importance, aiming to maintain its integrity and value as the country’s legal tender. Their collaborative efforts send a strong message that the abuse of the Naira will not be tolerated.