[dropcap]P[/dropcap]rominent music executive and businessman Emeka Okonkwo, widely known as E-Money, has been apprehended by the Economic and Financial Crimes Commission (EFCC).

Also read: Police probe E-Money over N1.2bn dispute with Lagos firm

The arrest of E-Money, who is the Chief Executive Officer of Emmy Cargoes Nigeria Limited and Five Star Music, occurred on Tuesday morning in Lagos.

Sources within the anti-graft commission have indicated that E-Money’s arrest is linked to allegations of naira abuse and the defacing of foreign currency.

Specifically, he is under investigation for reportedly spraying both Nigerian naira and U.S. dollars at a recent social gathering in Lagos, an act that is in violation of Nigeria’s currency laws and the Foreign Exchange Act.

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,” EFCC Source.

According to an EFCC source, “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.”

Another official within the commission, who also confirmed the arrest, revealed that E-Money is currently being transported to Abuja for further interrogation regarding the alleged offenses.