The Stephen Akintayo Foundation (SAF) has clarified the reasons behind charging for its mentorship program in United States dollars, stating that the decision was informed by the organisation’s global reach and operational structure.
Addressing the controversy in a statement on Tuesday, May 20, 2025, the Managing Director of the Foundation, Ikenna Mba, said the use of the dollar as a billing currency was not a rejection of the Nigerian naira but a strategic move to accommodate its diverse international community.
“In light of recent discussions and commentary surrounding the pricing of our mentorship program, we would like to directly address the concerns, misinformation, and allegations that have surfaced around the use of U.S. dollars,” Mba stated.
According to him, the Foundation and its parent company, Stephen Akintayo International LLC, are both US-registered social enterprises, and Dr. Stephen Akintayo, the founder, currently resides in the United States. This, he noted, naturally informs some of their administrative and operational choices.
“Our community includes students, clients, and partners not only in Nigeria, but across the U.S., U.K., UAE, Canada, Europe, and other parts of the world,” the statement said. “Using a globally recognized and stable currency like the U.S. dollar enables us to operate seamlessly across borders and serve our international audience effectively.”
Mba emphasised that despite the dollar-denominated pricing, Nigerian clients are not excluded or placed at a disadvantage. He explained that the naira is still accepted and often at more affordable exchange rates.
“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 dollar pricing as a practical choice aligned with its international presence, not as a reflection of identity or nationalism.
“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 transparency and empowerment, Mba noted, “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 also called for understanding, expressing gratitude to those who have continued to support its mission.
“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.
