The Economic and Financial Crimes Commission (EFCC) has criticized a motivational speaker for demanding $18,000 as payment for a mentorship programme.
EFCC spokesperson Dele Oyewale cautioned Nigerians against committing their funds to ventures that could potentially lead to trouble.
The fee—approximately N30 million—sparked widespread debate across social media platforms, with many users criticising the organiser, Stephen Akintayo.
Findings by our correspondent revealed that while the programme’s promotional flier lacked bank account details, interested individuals were asked to send private messages for further instructions.
On Wednesday, April 23, 2025, Akintayo announced on Facebook that he had opened 10 slots for a one-on-one mentorship and access programme priced at $18,000. He stated that a N2.5 million initial payment could be made immediately, with the balance payable over 12 months.
In his announcement, Akintayo, an investment coach, promised participants access to an exclusive billionaire coaching community and 45 of his published books.
In response, Oyewale commented, “There are traces of a Ponzi scheme in this setup. People need to exercise caution regarding where they invest their money.”
He further noted that quoting fees in dollars was illegal in Nigeria and that the EFCC disapproved of such practices.
“It is inappropriate to demand payment in dollars. One of our ongoing campaigns is to discourage the dollarisation of the Nigerian economy. Charging for mentorship in dollars violates Nigerian laws,” Oyewale added.
Social media users expressed mixed opinions on the matter.
Criticizing the initiative, Facebook user Okey Mbah argued that anyone who could afford such an amount for mentorship likely did not need it.
He wrote, “Such a person should simply double down on what generated that kind of money while reading books and attending events. Do you know how many plots of land $18,000 can buy in various parts of Nigeria or how much income it can generate through FG Treasury Bonds within six months to a year?”
He continued, “This man has the audacity to demand such an outrageous amount for mentorship. Knowledge that he claims to offer is available in books if one searches diligently.”
Another critic, Francis Njemanze, lamented the commercialisation of mentorship opportunities.
He said, “My issue with Dr Stephen has always been about monetisation. Previously, he offered me a ‘sponsorship’ ticket to a conference for N300,000. Now, he’s asking for $18,000 for mentorship—almost N30 million.”
Njemanze argued that individuals who had access to such funds likely did not need mentorship.
He added, “The young people and startups he claims to want to help cannot afford this.”
Similarly, human rights advocate Charles Ogbu criticised Akintayo, claiming he had no evidence of anyone becoming a billionaire through his mentorship.
He said, “You are demanding nearly N30 million from people without any track record of producing billionaires through your mentorship.”
However, not all reactions were negative. Some users defended Akintayo and praised his initiative.
One user, Bukat Grills, described the fee as reasonable given the value and networking opportunities it offered.
“I have seen several individuals who benefited from your mentorship and are thriving in their respective fields,” Grills noted.
Another user, Udeme Udeme, stated, “I have heard many positive testimonials about your mentorship programme. No amount is too much to invest in knowledge and access.”
Meanwhile, Acha Emmanuel Adiele expressed interest and asked for payment instructions.
Financial expert Dr. Aliyu Ilias said that in the absence of effective government intervention, private individuals would exploit such opportunities.
“Spending over N30 million on mentorship is outrageous. Economically, it could drive people towards desperate and unhealthy means of raising money,” Ilias stated.
Meanwhile, a programme resource person identified as Victoria defended Akintayo’s initiative, explaining that it aimed to improve lives.
“Dr Stephen generously shares his knowledge. He provides both free and paid options. Sometimes, people only value what they pay for,” Victoria said.
Attempts by Drivetvnews to reach Akintayo for comments were unsuccessful. Calls to three phone numbers listed on the programme’s flier went unanswered, and messages sent to two additional contacts received no response. Instead, the reporter was redirected to other individuals, none of whom agreed to comment at the time of reporting.
