Foundation Explains Why It Charges Mentorship Program in Dollar

The Stephen Akintayo Foundation (SAF) has clarified its decision to charge for its mentorship program in United States dollars, explaining that the move is in line with the organization’s global operations and reach.

In a statement released on Tuesday, May 20, 2025, Ikenna Mba, Managing Director of the Foundation, addressed the controversy and allegations regarding the use of U.S. dollars for pricing the mentorship program. He emphasized that the choice of currency was not a rejection of the Nigerian naira but rather a strategic decision to better serve their international community.

Mba explained that both the Foundation and its parent company, Stephen Akintayo International LLC, are U.S.-registered social enterprises, and the founder, Dr. Stephen Akintayo, resides in the United States. This, he said, naturally influences some of their operational choices, including the decision to use the U.S. dollar.

“Our community includes students, clients, and partners not only in Nigeria, but also in the U.S., U.K., UAE, Canada, Europe, and other parts of the world,” Mba stated. “Using a globally recognized and stable currency like the U.S. dollar allows us to operate seamlessly across borders and effectively cater to our international audience.”

Despite the use of U.S. dollars for the program, Mba reassured Nigerian clients that they are not being excluded or disadvantaged. He explained that Nigerians can still pay in naira, and the naira equivalent is often lower than the official exchange rate provided by the Central Bank of Nigeria (CBN).

“Clients from Nigeria are always welcome to pay the naira equivalent, which is often even lower than the Central Bank exchange rate. This is a deliberate decision to ensure accessibility and fairness for our Nigerian community,” he said.

The Foundation described the use of the dollar for pricing as a practical decision aimed at aligning with its international presence and operational efficiency, rather than making any statement on national identity.

“This choice of currency is not a statement on identity. It is a practical decision made in line with our global footprint and operational efficiency,” Mba added.

Reaffirming the Foundation’s commitment to its core values, Mba stated, “We remain unwavering in our commitment to build with integrity, lead with trust, and empower people to succeed. These values have been the foundation of our life’s work and will continue to guide everything we do.”

The Foundation concluded by expressing gratitude to its supporters and calling for understanding regarding the decision.

“To everyone who has supported and believed in this vision, we say thank you. Together, we continue to build a future rooted in truth, excellence, and genuine empowerment,” the statement concluded.