The Economic and Financial Crimes Commission (EFCC) has strongly criticized a controversial mentorship programme launched by a Nigerian motivational speaker, Stephen Akintayo, who demanded a staggering $18,000 (approximately ₦30 million) for enrollment. The anti-graft agency warned Nigerians to be cautious of investment schemes that could put them at financial risk.
The EFCC controversy erupted after motivational speaker Akintayo posted an offer on Facebook, advertising 10 exclusive slots for a one-on-one mentorship and access programme. Participants were promised entry into a billionaire coaching community, access to 45 authored books, and a roadmap to financial success. According to the post, interested individuals could pay ₦2.5 million upfront and spread the remaining balance over 12 months.
However, EFCC’s spokesperson, Dele Oyewale, condemned the programme, describing it as suspicious and possibly similar to a Ponzi scheme. “There is a trace of a Ponzi scheme in that arrangement. People need to be careful about where they put their money,” he said.
Oyewale further stated that charging fees in foreign currencies within Nigeria is unlawful. “It is not proper to charge in dollars. One of the campaigns we are doing is against the dollarisation of our economy. Offering mentorship in dollars is a violation of Nigerian laws,” he emphasized.
The $18,000 mentorship offer sparked an intense debate across social media platforms, with many Nigerians questioning the ethics and affordability of such a program.
A Facebook user, Okey Mbah, criticized the scheme, arguing that anyone who could afford such an amount would not need mentorship. “That amount could buy plots of land across various states or generate steady returns through government bonds. It’s outrageous for someone to demand such a sum under the guise of mentorship,” he said.
Similarly, Francis Njemanze lamented the excessive monetization of mentorship by Akintayo. Recalling his previous experience, Njemanze revealed, “Last time, he offered me a sponsorship ticket for a conference at ₦300,000 and called it ‘sponsorship.’ Now, it’s almost ₦30 million for mentorship. The startups and youths he claims to support can’t even afford it.”
Human rights activist Charles Ogbu added that Akintayo had no verifiable record of mentoring anyone into billionaire status. “Yet he dares to demand ₦30 million from individuals, promising riches,” he remarked.
Despite the criticism, some individuals defended Akintayo’s initiative. A user, Bukat Grills, stated, “I have seen people who went through his mentorship and are doing well. Considering the value and network being offered, the price is justified.”
Another supporter, Udeme Udeme, praised the programme, asserting that no amount should be deemed too much for access to transformative knowledge.
A prospective mentee, Acha Emmanuel Adiele, even expressed interest in signing up for the programme.
Speaking on the broader implications of such schemes, financial expert Dr. Aliyu Ilias warned that outrageous mentorship fees could push desperate individuals into unethical financial practices.
“Using over ₦30 million for mentorship is not only outrageous but could encourage insincere ways of sourcing money. When state actors fail to regulate adequately, non-state actors exploit loopholes,” Ilias noted.
Efforts by Saturday PUNCH to contact Akintayo were unsuccessful. Calls placed to the numbers listed on the programme flier went unanswered. Additionally, messages sent to his team were redirected to other individuals who declined to comment.
However, Victoria, a resource person associated with Akintayo, defended the initiative. She explained that the mentorship aimed to uplift lives by offering both free and paid learning opportunities. “Sometimes, people only pay attention when they pay,” she said.
Reiterating its stance, the EFCC urged Nigerians to be vigilant, avoid unregulated investment schemes, and always seek professional advice before committing substantial resources to mentorship or coaching programmes.
The agency emphasized that protecting citizens from exploitation remains part of its mission, and any breach of Nigerian financial laws, including illegal dollar transactions, would not be tolerated.
As economic hardship continues to strain households across Nigeria, experts urge individuals to carefully evaluate the credibility, legality, and true value of mentorship and coaching offers before making substantial financial commitments.