The Economic and Financial Crimes Commission (EFCC) has issued a warning to Nigerians following the announcement of an online mentorship programme demanding a hefty $18,000 (equivalent to nearly N30 million) per participant.
The programme, promoted by motivational speaker and investment coach Dr. Stephen Akintayo, sparked widespread debate after he advertised it on his Facebook page on Wednesday, April 23, 2025. The offer included 10 exclusive slots for one-on-one mentorship sessions, with an initial payment of N2.5 million and the remaining balance spread across 12 months.
According to Akintayo, the mentorship package promised access to a billionaire coaching community, 45 authored books, and other opportunities.
Reacting to the development, EFCC spokesperson Dele Oyewale advised Nigerians to exercise caution when investing their money in ventures that could endanger their finances.
“There is a trace of a Ponzi scheme in that arrangement. People need to be careful about where they put their money,” Oyewale warned.
He also condemned the pricing of services in dollars, describing it as a violation of financial laws in Nigeria.
“It is not proper to charge in dollars. One of the campaigns we are running 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.
The mentorship programme has since triggered mixed reactions on social media.
A user, Okey Mbah, criticised the fee, suggesting that anyone capable of affording such an amount likely had no need for mentorship.
“He/she only needs to focus and double down on what produced that income while reading books and attending relevant events. Do you know how many plots of land $18,000 can buy in Nigeria or how much yield in FG Treasury Bonds that money can produce in a year or six months?” he asked.
Another commenter, Francis Njemanze, expressed disappointment over the continuous monetisation of mentorship opportunities.
“The last time he offered me a ‘sponsorship ticket’ to a conference for N300,000 and still called it sponsorship. Now N30 million for mentorship. The young people you claim to want to help can’t afford this,” Njemanze remarked.
Human rights advocate Charles Ogbu also voiced his skepticism, claiming there was no proven record of individuals becoming billionaires solely through the advertised mentorship.
“Yet you come publicly to ask people to pay you nearly N30 million so you can mentor them to become billionaires,” he said.
Despite the criticisms, several social media users praised Akintayo for the initiative.
Bukat Grills defended the programme, stating, “It is affordable compared to the value and network you get. I have seen people who have gone through your mentorship and they are doing very well.”
Another, Udeme Udeme, commented, “No amount is too much for knowledge and access.”
Economic expert Dr. Aliyu Ilias, however, warned that such exorbitant fees could pressure individuals into dubious means of sourcing money.
“Using over N30 million for mentorship is outrageous. It could drive people into insincere sources of income,” he noted.
Meanwhile, a resource person associated with the programme, Victoria, defended Akintayo’s intentions, stating that the mentorship was designed to improve lives.
“Dr. Stephen has been generous with his knowledge. There are free and paid versions. Just as they say, ‘you don’t pay attention until you pay sometimes,’” she explained.
Efforts to contact Akintayo directly through the phone numbers provided on the programme flier were unsuccessful, as calls went unanswered. Messages sent to the listed contacts received no replies, and other individuals reached referred inquiries to various persons who declined to speak.
The EFCC has reiterated its call for Nigerians to remain vigilant and avoid falling victim to dubious schemes presented under the guise of mentorship or investment coaching.
