The Economic and Financial Crimes Commission (EFCC) has arrested popular Nigerian businessman and music executive, Emeka Okonkwo, widely known as E-Money.

E-Money, who is the CEO of Emmy Cargoes Nigeria Limited and Five Star Music, was taken into custody on Tuesday morning in Lagos over alleged abuse of the naira and defacing foreign currency.

According to sources within the anti-graft agency, E-Money is under investigation for spraying both naira and United States dollars at a social event in Lagos, which violates 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,” a source within the EFCC said.

Another source, who confirmed the arrest, added that E-Money was being transported to Abuja for further questioning.

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