EFCC Fumes As Motivational Speaker Demands $18,000 For Mentorship

The Economic and Financial Crimes Commission has condemned a mentorship programme offered by motivational speaker Stephen Akintayo, who is demanding $18,000—an equivalent of nearly N30m—from prospective mentees.

In a statement, EFCC spokesperson Dele Oyewale cautioned Nigerians against investing in schemes that could expose them to financial risk, describing the programme’s structure as suspicious.

“There is a trace of a Ponzi scheme in that arrangement. People need to be careful where they put their money,” Oyewale said.

Checks by NEWS BULLETIN showed that the programme’s promotional flyer contained no bank account details. Instead, interested participants were instructed to send private messages for payment information.

On Wednesday, April 23, 2025, Akintayo announced via his Facebook page that he had 10 available slots for a one-on-one mentorship and access programme, priced at $18,000. He offered a payment plan: N2.5m upfront and the balance spread over 12 months.

Akintayo, an investment coach, promised enrollees access to a billionaire coaching community and 45 of his authored books.

Oyewale also criticised Akintayo’s decision to peg the programme fee in dollars.

“It is not proper to charge in dollars. One of the campaigns we are running is against the dollarisation of our economy. Offering services priced in foreign currency is a violation of the law,” he added.

The announcement sparked widespread reactions on social media.

Criticising the programme, a Facebook user, Okey Mbah, said those who could afford the hefty fee likely had little need for such mentorship.

He wrote, “Anyone who can afford $18,000 doesn’t need mentorship from an investment coach. That amount could buy multiple plots of land or yield significant returns through Treasury Bonds.”

Another user, Francis Njemanze, accused Akintayo of excessive monetisation of opportunities.

He said, “The problem I have with Dr Stephen is always monetisation. Last time, he offered me a ‘sponsorship ticket’ to a conference for N300,000 and now it’s $18,000 for mentorship. If you have N30m, you don’t need mentorship.”

Human rights advocate Charles Ogbu also criticised the programme, questioning Akintayo’s track record.

“You have zero record of anyone who became a billionaire through your mentorship, yet you demand nearly N30 million from people,” he said.

However, not all reactions were negative.

Some users defended Akintayo’s programme, citing the value of the network and resources provided.

Bukat Grills wrote, “It is affordable compared to the value and network one would access.”

Another supporter, Udeme Udeme, said, “No amount is too much for knowledge and access.”

Meanwhile, an economist and financial expert, Dr Aliyu Ilias, warned that when government actors fail to provide adequate support, non-state actors exploit the gap.

“Spending over N30m on mentorship is outrageous. It could push people into desperate measures to recoup such an investment,” Ilias said.

A resource person attached to the programme, who identified herself as Victoria, defended Akintayo, describing him as generous with his knowledge.

“There are free and paid mentorship versions. Sometimes, people only pay serious attention after making a financial commitment,” she said.

Efforts to reach Akintayo were unsuccessful. Three phone numbers listed on the flyer went unanswered, and messages sent to two other contacts were not replied to. Instead, the reporter was redirected to other individuals, who also declined to comment as of press time.