The Economic and Financial Crimes Commission (EFCC) has strongly criticized a motivational speaker, Stephen Akintayo, who recently advertised a mentorship programme costing $18,000 (nearly N30 million), okay.ng reports.
The EFCC spokesperson, Dele Oyewale, warned Nigerians to be cautious about investing in such schemes that may resemble Ponzi operations and could lead to legal troubles.
On April 23, 2025, Akintayo posted on Facebook offering 10 slots for a one-on-one mentorship and access programme at the hefty fee, with an option to pay N2.5 million upfront and the remainder over 12 months. The package promised access to a billionaire coaching community and 45 of his books. However, the promotional flyer lacked bank details, instructing interested parties to send private messages instead.
Oyewale expressed concerns over the dollar-denominated fee, stating, “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 further suggested the arrangement showed signs of a Ponzi scheme, urging Nigerians to be vigilant about where they place their money.
The announcement sparked heated debates on social media. Critics like Okey Mbah argued that anyone able to afford such an amount did not need mentorship, emphasizing the value of investing in tangible assets like land or treasury bonds instead. Mbah described the fee as audacious and suggested that the knowledge offered could be found in books elsewhere.
Francis Njemanze also criticized the monetization strategy, recalling a previous incident where Akintayo charged N300,000 for a so-called sponsorship ticket. He lamented that young people and startups, who are the supposed beneficiaries, could not afford such fees.
Human rights advocate Charles Ogbu challenged the legitimacy of the mentorship, stating, “There is 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”.
Despite the backlash, some social media users praised Akintayo’s programme. Bukat Grills noted that the fee was reasonable given the value and network gained, while Udeme Udeme highlighted the importance of paying for knowledge and access. Acha Emmanuel Adiele even expressed interest in enrolling.
Economist Dr. Aliyu Ilias condemned the high fee, warning it might drive people to seek money through insincere means when state actors fail to provide adequate support. Meanwhile, a programme resource person named Victoria defended the initiative, saying Dr. Stephen was generous with his knowledge and offered both free and paid mentorship options, emphasizing that sometimes payment is necessary to gain attention.
