Following a motivational speaker’s demand for $18,000 for a mentoring program, the Economic and Financial Crimes Commission voiced its dissatisfaction.
Dele Oyewale, the EFCC spokesperson, cautioned Nigerians from spending their money in schemes that can cause them problems.
The cost, which is close to N30 million, caused controversy on social media, with some people criticising the poster, Stephen Akintayo.
Our correspondent’s checks showed that the program brochure lacked account information and that those who showed interest were told to submit a private message instead.
Akintayo announced on his Facebook page on Wednesday, April 23, 2025, that he had 10 spots available for a $18,000 one-on-one mentoring and access program. He also said that N2.5 million may be paid on the day of the post and the remaining amount could be worked out over a 12-month period.
The financial coach promised 45 of his books and access to a millionaire coaching network in the article.
Reacting, Oyewale 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 noted 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, said 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 for 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 user, Francis Njemanze, lamented the monetisation of the mentorship programme.
He said, “The problem l have with Dr Stephen is always on monetisation. Last time he offered me a sponsorship ticket to a conference for N300k and yet called it sponsorship. And now asking for $18k for mentorship, i.e. an equivalent of almost N30m.”
Njemanze stated 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, claimed 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.
But other users lauded Akintayo for the initiative.
One Bukat Grills said 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.”
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.”
A user, Acha Emmanuel Adiele, showed interest and requested to make a payment.
An economist and financial expert, Dr Aliyu Ilias, said that when state actors failed to do the needful, non-state actors would take advantage.
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“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.
Meanwhile, one of the resource persons, who identified herself as Victoria, said the programme was to make lives better.
Victoria stated, “Dr Stephen has been generous with his knowledge; he doesn’t hide anything. He tries to give out as much as possible. There are free ones and paid versions. Just as they say, ‘you don’t pay attention until you pay sometimes’.”
The Intercept called three phone numbers attached to the programme flier, but efforts to get Akintayo to respond proved abortive.
Questions sent to two other contacts were not replied to.
Rather, the users referred the reporter to different persons who refused to speak as of the time of filing this report.
