E-Money’s Arrest for Naira Abuse: A Case of Culture, Law, and the Battle for Compliance in Nigeria
By Daniel Okonkwo
The enforcement of laws against the abuse of the Nigerian currency, the Naira, has moved from rhetoric to reality, with high-profile arrests bringing unprecedented attention to a long-overlooked aspect of Nigeria’s cultural and legal view. The recent arrest of popular Nigerian socialite and CEO of Five Star Music, EMEKA OKONKWO DANIEL, popularly known as E-MONEY, by the Economic and Financial Crimes Commission (EFCC), for alleged Naira abuse and defacement of foreign currencies, has reignited conversations.
According to reports, E-MONEY was picked up by EFCC operatives on Monday night at his residence in Lagos. He is accused of spraying US dollars at an event—an act that violates Nigeria’s Foreign Exchange Act and is also deemed a form of currency abuse under Central Bank of Nigeria (CBN) regulations. While the EFCC has not officially commented, credible sources confirmed that the socialite is being flown to Abuja to face further investigation and possible prosecution.
This development has stirred mixed reactions across the country. For many Nigerians, the act of spraying money during celebrations is not merely a show of wealth or influence—it is a deeply entrenched cultural tradition. Spraying naira notes at weddings, birthdays, and other social events is seen as a celebratory expression, part of the very fabric of Nigerian social life. Yet, despite its widespread acceptance, such practices are now punishable under Nigerian law.
Section 21 of the Central Bank of Nigeria (CBN) Act, 2007 is clear: any person who "sprays, writes on, mutilates, defaces, or otherwise tampers with Nigerian currency" is guilty of an offense. Upon conviction, such individuals face a fine of not less than ₦50,000, imprisonment for six months, or both. The law prohibits:
Spraying, dancing, or stepping on the Naira. Selling or trading currency at above face value. Writing on, tearing, or otherwise defacing banknotes
The same standards apply to the handling of foreign currencies under the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, making the spraying of US dollars or other foreign banknotes an offense. The CBN also outlines Good Banknote Handling Practices, encouraging Nigerians to keep notes clean, flat, and secure in wallets or pouches. Avoid writing, folding, squeezing, or exposing notes to liquids. Use envelopes or electronic transfers when giving cash gifts.
These provisions reflect the symbolic and economic value of the Naira—its condition is a reflection of national pride, identity, and fiscal responsibility.
While tradition and culture shape national identity, they must not undermine the rule of law. The casual practice of spraying cash, no matter how deep-rooted, cannot supersede clear legislative provisions. Nonetheless, some Nigerians argue for equal enforcement, contending that the law should apply to everyone, not just celebrities and public figures. This sentiment points to concerns over selective prosecution and calls for broader public education and consistent enforcement.
With the EFCC actively enforcing currency laws, the trend of public spraying may decline, encouraging new cultural shifts. Electronic transfers, gift envelopes, and symbolic items may replace cash displays at events. High-profile figures like E-MONEY could influence public behavior by modeling compliance or advocating for reform.
The EFCC, under certain conditions, also has the power to settle. This allows them to offer offenders the option to pay a settlement sum instead of prosecution, aiding quick resolutions and decongesting court dockets. However, Section 174 of the Nigerian Constitution limits this power, placing ultimate prosecutorial discretion in the hands of the Attorney-General of the Federation, who can initiate, continue, or discontinue criminal proceedings.
The arrest of E-MONEY has become a symbolic test case in Nigeria’s push to enforce respect for its currency and financial laws. While the cultural context must be acknowledged, the legal framework is unambiguous. For a country striving for transparency and discipline, particularly in its financial systems, this enforcement may mark the beginning of a long-overdue reckoning with practices that, while culturally popular, have legal consequences. As more individuals become aware of the law, the hope is for a gradual shift from flamboyant cash displays to more responsible and lawful expressions of generosity.
That said, the EFCC must also, in good faith, go after corrupt government officials, politicians, and members of the Nigerian elite who continue to act with impunity, believing themselves to be above the law. Equal rights and justice should not be selective but rather must be visibly upheld across all strata of society. Governmental agencies like the EFCC owe Nigerians a duty of transparency, fairness, and accountability in the discharge of their responsibilities.
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