E-Money is a Nigerian entrepreneur, investor, and business tycoon who has an estimated net worth of $30 million.
In the Nigerian entertainment circle, there is hardly any member that comes close to E-Money when it comes to fortune as he boasts a massive $30 million net worth. The celebrity and businessman who is also known as the younger brother of singer Kcee has a net worth that runs into tens of billions in Naira. Though he is quite young, he is one of the richest young men in the country.
One of the few Nigerian celebrities who doesn’t seem scared of spending without limit, his generosity and luxurious lifestyle has often triggered speculations about the main source of his wealth and how he made his billions, especially as he seemed to have emerged out of the blues to dominate. The most popular belief is that he built his empire from various business deals that turned out to be very successful and also through his investments in Nigerian entertainment.
How E-Money Made Over $30 Million In Net Worth
Coming from poverty, E-money who is now also referred to as Arab Money partly because of the size of his pocket and partly because of his fashion style, is a very rich man who, as stated, has more than $30 million to his name. With this size of pockets, it means that he is not only one of the richest young people in Nigeria and among the richest in the entertainment cycle, but he will also find himself among the billionaires in the country. Here are all the ways he makes his money:
Five Star Media
One of the main sources of E-Money’s fortune which everyone seems to know is his music label, Five Star Music, which is under his 5 Star Media outfit. The origin of the music label has been traced back to 2010, but it did not catch the attention of the public until 2013 when KC who was signed to the music label released his song, Limpopo. Other stars also signed to the label include Harry Songs and Skiibii. While Harry Song left in 2015 to found his own record, Skiibii who was signed in 2014 left after three years by which time he was already famous.
The actual amount that this contributes to his net worth is not known, but it is believed that it doesn’t bring as much as his other investments, even though it is said to be worth #500 million all on its own.
Five Star Group
E-Money’s Five Star Group of companies is the major contributor to the net worth of the celebrity billionaire. The company is into a lot of things, including oil and gas which has come to be known as his main source of fortune. Even though the rumor is that he has an oil well, it still remains a rumor as there is nothing to give credence to it.
Other aspects the company covers are the production of items such as tomato paste, sweet corn, and coconut milk among many others.
Emy Cargo And Shipping Services Nigeria Limited
An even bigger and more robust contributor to the net worth of Chief Dr Emeka Okonkwo is his company Emy Cargo And Shipping Services Nigeria Limited, which is one of the biggest and frontline freight forwarding companies in Nigeria.
He started the world-class multimillion naira company in 2007 and it has since grown into what it is today. The company is registered with E-Money and KCee as the two shareholders, although Arab Money has the controlling equity.
E-Money Has More Than A Couple Luxurious Houses
The Nigerian billionaire has many houses in different parts of the country, including his village and some more in Lagos. He has a large duplex in Omole which has a water fountain in front.
He joined forces with his brother to build a much larger home in their hometown of Uli in Anambra State. The massive property is speculated to have cost him hundreds of millions of naira or even billions. Features of the house have not been revealed, but it is known that the property is fitted with many features.
He has another mansion which is a triplex known as 5-Star Mansion which he was said to have sunk in over 250 million Naira in erecting.
His Most Deluxe House Is In Banana Island
Better than other houses he has to his name is his property in Banana Island, Lagos. The property which is said to have gulped in more than ₦1 million is designed with a rich taste of gold.
Even though the exact size of the house is not known, it has all the necessary features that a man with a rich taste of luxury would want. It is designed with a sports facility, as well as a swimming pool. It also has a penthouse, a large parking space, and a garage for his cars, as well as many rooms that are fitted with a bed and wardrobe that also carry the touch of gold.
The interior decoration of the property is also top-notch as the floors are well tiled while the furniture is also created to be exquisite in all details. Every other thing about the property including the staircases and chandelier all have a touch of royalty.
E-Money Also Has Many Luxurious Cars
More than being a lover of luxurious houses, E-money also loves good cars, which is why he has made sure to spend millions in acquiring some very fancy wheels. Among his many collections is a 2017 Lexus LX 570 which comes with some exotic features, including being bulletproof. The car goes for as high as ₦90 million.
Not long ago, he bought two Rolls-Royce Phantoms, for himself and his wife. He was said to have bought each at ₦120 million Naira. The car is fitted with features to make a ride in one almost equivalent to a first-class flight. It was around that time that he acquired a luxury Mercedes-Benz G-Wagon for his brother, KCee. Another car to his collection is a black Mercedes-Benz Sprinter which he reportedly spent ₦30 million on. Mr Flamboyant! as he is also called, bought the car in 2015. In 2019, the next car to be added to his fleet was a Mercedes-Benz G-wagon.
He has many more cars, some of which are a part of his convoy, including Prado Jeeps, Jaguars, and a Range Rover Sport. Here are some of his cars:
- 2017 Lexus LX 570- ₦90 million
- Rolls-Royce Phantoms- ₦120 million
- Mercedes-Benz Sprinter- ₦30 million
- Mercedes-Benz G-wagon- ₦17 million
The Billionaire Is Known For His Generosity And Philanthropy
Okonkwo is both one of the richest and most loved in Nigerian entertainment because of how he has always helped many, including celebs and ordinary Nigerians. He has gifted cars and money to many celebrities. On the 17th of February each year, he gifts cars to deserving individuals close to him to celebrate his birthday. His friends, relatives, and staff have all benefitted from this gesture in the past. In 2020, when he was celebrating his birthday, among those that received cars from the billionaire was a phone dealer, who received a 2021 Toyota PRADO.
He once gifted Laura Ikeji half a million naira when she asked him to bless her jokingly. The rich man asked for her account number and immediately credited her with ₦500,000. She is not the only celebrity that has benefited from the generosity of Emeka Okonkwo. In 2018, he gifted comedian, FunnyBone a car worth ₦13 million as an early Christmas gift.
In 2017, he launched the Five Star Foundation together with his brother, Kcee. At the launch, the brothers shared food items among other things to many beneficiaries. Kcee also revealed that proceeds from his then yet-to-be-released second album were going to be put into the projects of the foundation. Another important thing that the foundation is into is the provision of scholarships to students at various levels, including undergraduate and postgraduate levels.
He has since indicated an interest in vying for political office in the future, although that doesn’t seem to be the main drive behind his generosity and benevolence.
His Flamboyant Lifestyle Got Him Questioned By The Nigerian Police
A man who has never been shy to show he is very wealthy, Emeka Okonkwo was reportedly invited by the Nigerian police in 2020 for questioning. He was interrogated at the Lagos Police Headquarters Annex, Kam Salem, Obalende, Ikoyi, where he was reportedly grilled for six hours.
According to sources in the police headquarters, beyond his flamboyant wealth, E-Money was questioned on matters relating to the manner in which he used the police escorts attached to him. It was claimed that the Inspector General of Police was surprised that he had policemen attached to him and he was allegedly using them as domestic servants, making them carry his umbrella, luggage, and carry out some tasks.
After answering questions from the police detectives on his source of money and alleged flagrant abuse of police escorts, he was granted bail and expected to return the following day for more questioning. His police security details were asked to withdraw as the case continued. While no more details were provided on the matter, it is no secret that his security details, including men of the Nigerian Police Force, have been returned to his service.
Although as mentioned, it was his lifestyle and the manner in which he used the policemen attached to him that attracted the interest of the police to investigate him, there were also claims that it had a political undertone. The claim was that some politicians in his home state of Amanbara were afraid he would contest for a political office, thus, they allegedly wanted to clip his wings of influence as soon as possible before it went beyond their control. E-Money has not made any public statement regarding the arrest or the many claims and speculations that followed.