Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has raised concerns over a high-ticket mentorship programme offered by Dr. Stephen Akintayo, a well-known motivational speaker and investment coach.
In a post on his Facebook page on April 23, 2025, Akintayo revealed a limited offer, 10 exclusive slots for a one-on-one mentorship and business access package costing $18,000, or about ₦30 million. The offer included a payment plan: an initial ₦2.5 million upfront and the rest spread over 12 months. As part of the deal, participants would receive monthly strategy sessions, property investment insights, and access to a “billionaire coaching community.”
However, the EFCC has warned Nigerians to be wary of such programmes. Spokesperson Dele Oyewale said there were “traces of a Ponzi scheme” in the arrangement and cautioned against spending large sums of money on ventures that promise quick financial growth.
He also criticized the dollar-based pricing, which he said contravenes Nigerian financial regulations. “Charging in dollars is not only improper but also unlawful,” Oyewale stated, noting the agency’s ongoing campaign against the dollarisation of the economy.
The announcement has sparked heated debates online. While some users questioned the value of such an expensive programme in a struggling economy, others expressed skepticism due to Akintayo’s past controversies. In recent years, he has faced multiple fraud allegations, including claims from Nigerians in the diaspora who said they were scammed after investing in international property deals through his company.
Though Akintayo has yet to publicly respond to the EFCC’s statement, the backlash underscores growing concern around unregulated mentorship and investment schemes that blur the line between legitimate coaching and exploitation.
As always, the EFCC urges the public to thoroughly investigate opportunities before committing their funds.