EFCC Criticizes $18,000 Mentorship Scheme by Motivational Speaker Amid Public Debate

The Economic and Financial Crimes Commission (EFCC) has expressed displeasure over a mentorship programme by Stephen Akintayo charging $18,000, nearly N30 million. EFCC spokesperson Dele Oyewale warned Nigerians to be wary of such costly schemes, which may be fraudulent.

Akintayo’s April 23, 2025, Facebook announcement offered 10 mentorship slots for $18,000, with an upfront payment of N2.5 million and the remainder payable over 12 months. The programme promised access to a billionaire coaching community and 45 books. The flyer lacked account details, asking interested parties to send private messages.

Oyewale condemned charging in dollars, calling it illegal and part of EFCC’s campaign against dollarisation. He also suggested the scheme resembled a Ponzi scheme.

Social media users reacted strongly. Okey Mbah criticized the fee as excessive and unnecessary for wealthy individuals, while Francis Njemanze highlighted the exclusion of young people and startups due to the high cost.

Human rights advocate Charles Ogbu questioned the mentorship’s legitimacy, noting no proof of billionaire success stories from it.

Some users praised the programme’s benefits, including Bukat Grills and Udeme Udeme. Acha Emmanuel Adiele showed interest in enrolling.

Economist Dr. Aliyu Ilias warned that such fees could drive people toward unethical financial pursuits. Victoria, a programme resource person, defended the initiative, stating Dr. Stephen shares knowledge generously and offers both free and paid mentorship.

Attempts to contact Akintayo for comment were unsuccessful.