EFCC Criticizes $18,000 Mentorship Fee Charged by Motivational Speaker
The Economic and Financial Crimes Commission (EFCC) has raised concerns over a mentorship programme priced at $18,000 by motivational speaker and investment coach, Dr. Stephen Akintayo.
EFCC spokesperson, Dele Oyewale, cautioned Nigerians against spending money on schemes that could have legal or financial implications. He emphasized that offering services in foreign currency goes against Nigerian law, noting, “One of our ongoing campaigns is against the dollarisation of the economy. Charging for mentorship in dollars is unacceptable and illegal.”
The mentorship fee, roughly N30 million, sparked widespread reactions online after Akintayo announced the offer on Facebook on April 23, 2025. He revealed 10 exclusive slots for a one-on-one mentorship programme, allowing participants to make an initial payment of N2.5 million and spread the balance across 12 months. The package also promised access to a billionaire coaching circle and 45 of his authored books.
Many Nigerians took to social media to express disapproval. Facebook user Okey Mbah questioned the necessity of such an expensive programme, stating, “Anyone with that kind of money doesn’t need mentorship. They just need to reinvest in what’s already working.” Others like Francis Njemanze criticized the constant monetization of opportunities, recalling a past incident where Akintayo offered a so-called “sponsored” conference ticket for N300,000.
Human rights advocate Charles Ogbu also weighed in, demanding evidence of past mentees becoming billionaires through Akintayo’s coaching. He said, “You’re asking for N30 million for mentorship, but where’s the proof that your mentorship creates billionaires?”
However, not all reactions were negative. Supporters like Bukat Grills and Udeme Udeme praised the value and connections the programme offers. Grills commented, “Compared to the network and knowledge it provides, it’s worth it.” Another user, Acha Emmanuel Adiele, even showed interest in joining and asked about making a payment.
Financial expert Dr. Aliyu Ilias also voiced his concern, describing the fee as excessive and warning that it could encourage unhealthy financial practices. “When government fails to regulate, non-state actors take advantage. Such high costs can push people into desperate financial behavior,” he noted.
Meanwhile, one of the programme facilitators, Victoria, defended the initiative, explaining that it was aimed at equipping people for success. “Dr. Stephen shares generously—he offers both free and paid programmes. Sometimes people only value what they pay for,” she said.
Despite attempts to get Akintayo’s response, phone calls and messages sent to contacts listed on the flyer went unanswered, and those reached redirected inquiries elsewhere.
