Like a Ponzi Scheme: EFCC Warns Nigerians Over Motivational Speaker Charging $18,000 Mentorship Fee.

Like a Ponzi Scheme: EFCC Warns Nigerians Over Motivational Speaker Charging $18,000 Mentorship Fee.

Critics Describe It as a Ponzi Scheme as EFCC Warns Nigerians Over Motivational Speaker Charging $18,000 Mentorship Fee.

A Nigerian motivational speaker, Stephen Akintayo’s $18,000 mentorship program has raised significant concerns, as many Nigerians find the dollar-based pricing for his mentorship unrealistic and potentially exploitative, given the current economic climate.

The program promises access to exclusive benefits.

According to Stephen Akintayo, his mentorship program aims to guide participants in business growth, investment strategies, and personal development.

He assures access to a “billionaire coaching community,” exclusive resources, and insights from his authored books.

The program is targeted at entrepreneurs, CEOs, and professionals seeking to scale their businesses and enhance their leadership skills.

However, critics, including the Economic and Financial Crimes Commission (EFCC), have flagged issues in his Facebook advertisements, such as the violation of anti-dollarization laws and questions of affordability.

EFCC spokesperson Dele Oyewale, according to reports, warned Nigerians about potential risks, likening the arrangement to traces of Ponzi schemes.

The agency also pointed out that the fee might contravene Nigerian financial laws.

Commenters on social media argue that the mentorship fee primarily targets an elite audience, likening it to that of a hustler and especially making it inaccessible for most Nigerians

Stephen Akintayo, according to his biography, is a Nigerian entrepreneur, motivational speaker, and investment coach.

Akintayo defends his program, describing it as a valuable opportunity for knowledge and growth.

Critics and other detractors alike question whether such high fees align with the realities faced by everyday citizens struggling with inflation and rising living costs.

When converted into Nigerian currency, the fee amounts to approximately ₦30 million.

Nigerians on his social media pages have expressed mixed reactions, while the EFCC continues to urge caution regarding mentorship pricing models and the economic pressures currently facing the country.

Yetunde B reports for Yeyetunde’s Blog. 

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Images / Stephen Adebayo / Facebook.