How Cosmas Maduka, The Apprentice Wrongly Dismissed With N200, Became a Billionaire

How Cosmas Maduka, The Apprentice Wrongly Dismissed With N200, Became a Billionaire

  • Nigerian billionaire Cosmos Maduka began his quest for money at the young age of 17 as an apprentice for his uncle
  • Reports say the young Maduka was wrongly dismissed with N200 as a settlement fee with which he went into business with a fried
  • At the failure of his first business venture, he began Coscharis Motors with N300 in 1977 and went on to become a sole distributor of exotic vehicles in Nigeria

At 17, many teenagers are still thinking of finishing secondary school with style and getting admission into a university. But not so with Cosmas Maduka, the chairman of the conglomerate Coscharis Group who began his quest for money at the age of 17 after he was wrongly dismissed by his uncle, whom he served as an automobile apprentice.

Read also

List of smart Anambra billionaires who started from Onitsha to build national brands

Cosmas Maduka, Coscharis Motors
Chairman of Coscharis Group, Cosmas Maduka Credit: National Archives
Source: UGC

Firs business failure

He went into business and co-created CosDave with his friend. However, the business did not survive, and Maduka started Coscharis Motors, a combination of his name and his wife, Charity, whom he married at 21. The business focused on sales of automobile spares in 1977 with just N300, reports said.

His breakthrough in business began in 1982 when the Nigerian government gave companies ten licenses to import vehicle which Coscharis was part of.

PAY ATTENTION: Join Telegram channel! Never miss important updates!

The Coscharis conglomerate is now worth over $500 million with other subsidiaries, which include manufacturing, technology, petrochemical, Agric and Agro-Allied businesses.

According to reports, the company is a leading distributor of exotic vehicle brands such as Range Rover, Ford and Jaguar.

In 2015, the company became the only distributor of BMW in Nigeria and the foremost company to build an assembly plant for Ford Ranger in Nigeria.

Read also

Benedict Peters: The silent billionaire with the largest oil tank farms in Nigeria

In 2016, the Anambra state government approved 5000 hectares of land for the Coscharis group to start a rice farm which has since generated about 3000 jobs.

Business ethics and principles, the Japanese connection

The billionaire has credited his business success to his association with Japan. He said his early contact with the Japanese made him value commitment, humility, precision and hard work, which has become the ethos of his business success.

He seats on the board of several reputable companies and organizations.

Maduka served as a Director in Access Bank Plc, one of the leading banks in Nigeria, for 12 years, from 2000 to 2012.

In 2015, Maduka was featured on the Forbes Africa TV Series themed Worst Day with Peace Hyde.

The magazine pegged his net worth at $500 million the same year.

Nigerian Prince Arthur Eze: His net worth, business, private jet

Read also

The man Prince Arthur Eze, net worth, business, private jet reported that on Monday, July 25, 2022, the news was rife that one of Nigeria’s billionaires, Prince Arthur Eze, had acquired a private jet, which adds him to the pool of jet owners in Nigeria.

The billionaire businessman joins the likes of Dangote, Oyakhilome, Oyedepo and myriads of Nigerians who fly private jets in the country.

The acquisition of the jet by the billionaire further threw him into the limelight with important questions about the man who hitherto was known but had relatively escaped public scrutiny for a long time.


Online view pixel