The Economic and Financial Crimes Commission (EFCC) has expressed disapproval after a motivational speaker demanded $18,000 for a mentorship programme.
Dele Oyewale, the EFCC’s spokesperson, urged Nigerians against engaging in schemes that could lead to trouble.
The charge, which amounts to approximately N30 million, stirred debate on social media, with some users criticising the poster, Stephen Akintayo.
Checks by our correspondent indicated that the programme’s leaflet contained no account information, and those who expressed interest were directed to write private messages.
On Wednesday, April 23, 2025, Akintayo announced on his Facebook page that he had 10 places available for a one-on-one mentorship and access programme for $18,000, with N2.5m payable on the day of the post and the balance spread over 12 months.
In the article, the financial coach promised various things, including access to a millionaire coaching network and 45 of his books.
In reaction, the EFCC spokesperson said, “There is a trace of a Ponzi scheme in that arrangement. People need to be careful about where they put their money.”
He also mentioned that it was unlawful to charge in dollars, adding that the EFCC frowned upon such an act.
“It is not proper to charge in dollars. One of the campaigns we are doing is against the dollarisation of our economy. For anyone to offer a mentorship programme in dollars is a violation of the laws of the land,” he added.
Nigerians on social media also expressed mixed reactions to the matter.
Criticising the scheme, a Facebook user, Okey Mbah, stated that anyone who could afford the requested amount didn’t need mentorship from investment coaches.
He said, “He/she only needs to focus and double down on what produced that income while reading books and going to events. Do you know how many plots of land $18k can get in different parts of Nigeria or how much yield in FG Treasury Bonds that money can produce in a year or six months?”
“That’s what someone bold-facedly is asking for as a ‘mentorship’ fee, and some people with low self-esteem and intelligence issues will pay and later regret. What audacity! Whatever this man has to impart as a mentor is available in books somewhere. One only has to search and look for such books.”
Another Facebook user, Francis Njemanze, lamented the monetisation of the mentorship programme.
He said, “The problem I have with Dr Stephen is always on monetisation. Last time he offered me a sponsorship ticket to a conference for ₦300k and yet called it sponsorship. And now he is asking for $18k for mentorship, i.e., an equivalent of almost ₦30m.”
Njemanze mentioned that there was no need for mentorship if someone had that much money for registration.
“The young people you claim to always want to help ‘succeed’ cannot afford this money, and so do many startups,” he added.
Also, a human rights advocate, Charles Ogbu, argued that the author had shown “zero record of anyone who has ever become a billionaire just by passing through your mentorship”.
“Yet, you come publicly to ask people to pay you nearly 30 million naira so you mentor them to become billionaires,” he added.
An economist and financial expert, Dr Aliyu Ilias, stated that when state actors failed to do the needful, non-state actors would take advantage.
“Using over N30 million for mentorship is outrageous, and for economic reasons, it will make people embark on an insincere source of looking for money,” he added.
However, other users lauded Akintayo for the initiative.
Bukat Grills stated that it was affordable compared to the value and network that those who subscribed to it would get.
Grills stated, “I have seen people who have gone through your mentorship, and they are doing very well in their respective fields.”
Sharing a similar sentiment, another user, Udeme Udeme, wrote, “I have heard so many good things about your mentorship programme. No amount is too much for knowledge and access.”
For Acha Emmanuel Adiele, he showed interest and requested to make a payment.
