EFCC Flags $18,000 Mentorship Fee: Public Debate Erupts Over Legality and Ethics

The Economic and Financial Crimes Commission (EFCC) has voiced strong disapproval over a controversial $18,000 fee for a mentorship programme advertised by Nigerian motivational speaker and investment coach, Dr. Stephen Akintayo. The agency’s concerns stem not only from the price tag—equivalent to nearly ₦30 million—but also from potential legal implications and public interest concerns.

Akintayo had taken to Facebook on April 23, 2025, to unveil an exclusive one-on-one mentorship opportunity, offering ten limited slots. The announcement promised access to a billionaire coaching community and 45 of his authored books. Participants were instructed to make an initial payment of ₦2.5 million with the balance to be spread over 12 months.

The announcement stirred immediate backlash online, with critics accusing the speaker of monetising hope and exploiting aspiring entrepreneurs. The EFCC’s spokesperson, Dele Oyewale, responded with a clear warning to the public.

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EFCC Decries Dollar Charges and Ponzi-Like Features

“There is a trace of a Ponzi scheme in that arrangement,” Oyewale cautioned, adding that Nigerians should exercise vigilance when investing in schemes that seem questionable. He further stressed that denominating fees in dollars violates Nigerian financial laws.

“It is not proper to charge in dollars,” he added. “One of the campaigns we are doing 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.”

The EFCC’s stance has triggered deeper conversations around the increasing trend of high-cost mentorship programmes in Nigeria, especially those marketed to struggling youths and entrepreneurs.

Social media platforms erupted with a flurry of reactions. A Facebook user, Okey Mbah, strongly criticised the idea, noting that anyone with such financial means could instead invest in more profitable ventures, such as real estate or federal bonds. “Do you know how many plots of land $18k can get in Nigeria?” he asked rhetorically.

Another critic, Francis Njemanze, questioned the authenticity of Akintayo’s offers. He recalled being asked to pay ₦300,000 for a supposedly sponsored conference ticket. “Now he’s asking for $18,000 for mentorship. That’s nearly ₦30 million,” Njemanze lamented.

Human rights activist Charles Ogbu weighed in as well, challenging the value of the mentorship. “You’re asking people to pay nearly ₦30 million to become billionaires, yet you’ve shown zero record of anyone who became wealthy through your programme,” he said.

Despite the criticism, the initiative also found support from some users. One defender, Bukat Grills, insisted the value and network provided were worth the cost. “I’ve seen people who went through your mentorship, and they are thriving,” she wrote. Another user, Udeme Udeme, praised the programme’s reputation, stating, “No amount is too much for knowledge and access.”

Some users like Acha Emmanuel Adiele even expressed readiness to pay, suggesting that the demand for such programmes persists, regardless of price or controversy.

Financial expert Dr. Aliyu Ilias weighed in with a stern economic warning. “Using over ₦30 million for mentorship is outrageous. This could drive people to insincere and desperate financial pursuits,” he said. Ilias also stressed the role of state actors in filling the mentorship gap, cautioning against unregulated private offerings.

A representative of the programme, identified only as Victoria, defended Akintayo’s intentions, stating that the mentorship was aimed at improving lives. “There are free and paid versions,” she said. “Just as they say, you don’t pay attention until you pay sometimes.”

Despite repeated attempts, Akintayo did not respond to calls or messages from journalists. Contacts listed on the programme flier either deflected inquiries or refused to speak.

The EFCC’s intervention has brought the issue of high-cost mentorships into sharper focus, raising critical questions about ethics, legality, and economic justice in Nigeria’s personal development space.