The Economic and Financial Crimes Commission has raised alarm over a mentorship programme advertised by a motivational speaker, Stephen Akintayo, who demanded a staggering $18,000 (about N30 million) from participants.
EFCC spokesperson, Dele Oyewale, expressed the Commission’s disapproval in a statement, warning Nigerians against investing their money in ventures that could jeopardize their finances.
“There is a trace of a Ponzi scheme in that arrangement,” Oyewale said. “People need to be careful about where they put their money.”
Akintayo had earlier advertised the programme on his Facebook page, offering 10 slots for a one-on-one mentorship session. According to his post, interested participants could make an initial deposit of N2.5 million and spread the balance over 12 months.
He promised access to a billionaire coaching community and 45 of his authored books.
However, Oyewale further criticized the use of dollars for the payment, describing it as a breach of Nigerian laws.
“It is not proper to charge in dollars,” he stressed. “One of the campaigns we are driving is against the dollarisation of our economy. Offering a mentorship programme in dollars violates the laws of the land.”
The advertisement sparked widespread reactions online. Some social media users denounced the initiative, calling it exploitative and unrealistic for young entrepreneurs.
A Facebook user, Okey Mbah, remarked, “Anyone who has $18,000 doesn’t need a mentorship programme. They only need focus and consistency. That kind of money can secure lands in various parts of Nigeria or yield good returns in treasury bonds.”
Similarly, another user, Francis Njemanze, shared a personal encounter with Akintayo, saying, “The last time he offered me a ‘sponsorship’ ticket to a conference, it came with a N300,000 price tag. Now, $18,000 for mentorship? That’s almost N30 million!”
Njemanze argued that such fees placed mentorship out of reach for the young startups Akintayo often claims to support.
Human rights activist, Charles Ogbu, also criticized Akintayo’s offer, questioning its value: “You have no record of anyone who became a billionaire through your mentorship, yet you are asking people to pay nearly N30 million?”
Despite the criticism, some defended Akintayo’s programme. A user, Bukat Grills, said the mentorship was worth every naira, adding, “I have seen people who went through your programme and are doing remarkably well.”
Another supporter, Udeme Udeme, noted, “No amount is too much to pay for access and quality knowledge.”
Meanwhile, a resource person associated with the programme, identified simply as Victoria, defended the initiative, stating that Akintayo had been generous with his knowledge.
“He tries to give out as much as possible. There are both free and paid versions,” she said. “Sometimes you don’t pay attention until you actually pay.”
Economist Dr. Aliyu Ilias weighed in, warning that such hefty fees could encourage desperate financial behaviour among youths.
“Using over N30 million for mentorship is outrageous. It might push people into dishonest ways of finding money,” Ilias warned.
Attempts to reach Akintayo for comments proved abortive as phone calls and messages to numbers listed on the flyer went unanswered. Those who responded directed inquiries to others, who declined to comment.
The EFCC urged Nigerians to remain vigilant and cautious about financial commitments, especially when promises of extraordinary returns are involved.
