Cosmas Maduka turned $1 to $800 million

Cosmas Maduka turned $1 to $800 million

Dr Cosmas Maduka is a prominent figure in the Nigerian Business Sector with a current Net Worth of about $800 million (about 290 billion Niara) and the Chief Executive Officer of Coscharis Group of Companies with a Head Office at victoria island Lagos. 

He was born in the city of Jos on 24 December 1958 to Peter and Rose Maduka both from Nnewi Anambra State. His father died in 1962 when he was 4 and it was his mother who was the sole caterer to him. 

When he was 7 in elementary school he was taken away because of lack of resources, he hawked Akara (Bean cakes) to assist his mother financially and climbed palm trees cutting down the fruit of the palms for elderly women and was paid 3 Pence which helped the upkeep the family, but he later went to live with his grandmother when things became intolerable.

In 1970, he was sent to his uncle residing at Ebute Metta in Lagos, and he welcomed him as an apprentice at 88 Griffith Street in his car shop. His uncle didn’t have any room to stay, so he generally slept at the house of his friend while Cosmas slept at the workshop. Due to his hard labour, loyalty and commitment, he was typically envoyed by his uncle on sensitive orders and at the age 14, he was sent to work in Sokoto and Nnewi’s branches.

His uncle ended his apprenticeship in 1975 because he went to a church program and was therefore absent from work; he was later compensated with a sum of about 200 Naira that his uncle told him to go and start a fellowship with. 

He then joined his brother in a joint venture called Maduka Brothers, with the money he got, which was eventually shut down and they split out. He was able to make  100 Naira which he added to the 200 that he had as capital and made a joint venture with his friend Dave, named ‘Cosdave’ it failed too and Coscharis began (a name that he invented with his name Cosmas and his wife’s name Charity who he married when he was 19). Cosmas was the sole owner Coscharis. His business purchased Boulus Enterprises new motorcycle parts and resells. 

He scratches off the address so that nobody knows where he has purchased them. His capital rose to the level of 3000 Niara, which he lost rapidly when he tried to import goods and received the wrong shipment, for him, this is yet another trial because he owed his landlord for several months and his shop was eventually closed, but he was not defeated by the events.

His wife also took a job to support the family while he built up another business capital slowly, with a scale that was a wedding gift, He introduced to the market and for everyone who climbed he charged 10kobo.

His breakthrough came when the  Nigerian Government decided in 1982 to issue import licenses to ten engine companies and Coscharis Motors was chosen alongside ten others. Coscharis group was then founded in 1983 and with the import of auto replacements and related car products for Japanese automobiles, Coscharis Group was one of the pioneers of modern automobile and vehicle manufacturing in Nigeria, and got its first headquarters in Lagos, which opened in 1989.

In 1987, the business commissioned its ultramodern complex at Victoria Island Lagos and, in 1998, the corporation assured marketing rights to brands BMW and Range rovers in Nigeria. He completed the state-of-the-art showroom and ultra-modern sales in Maza Maza in Lagos in 1999 and then commissioned Alhaji Atiku Abubakar, the Nigerian vice-president. In 2000, in the Central Business district in Abuja, a dealership and showroom were constructed. The company diversified into American car products in 2001. It has collaborated with leading companies and banks including Epe Spa, Stanbic IBTC, and the Access bank.

In other Africa nations, such as Ghana, Gabon and Cote d’Ivoire, Coscharis Group has more than 26 branches and its operations are equally involved in major business sectors, such as automotive, healthcare, food and beverage, information technology, engineering and agriculture. With subsidiaries including Coscharis Technology Ltd, which is a major part of the ICT industry representing different international brands in Nigeria, Coscharis Group’s interests are expanding across the automotive sector. Also in Coscharis Healthcare & Foods Ltd and CG Biostadt is Coscharis ‘ medical interest. 

The Company is seeking a private-public partnership to engage with the establishment of Coscharis Farms Ltd. as a result of further company diversification to become one of Nigeria’s largest rice production farming companies in the near future. 

 He started the assembly of the Ford rangers in Nigeria via the company Coscharis Motors Assembly Ltd in 2014 in an attempt to expand the production sector undertook sachet and table water bottling, distribution and distribution under The company Coscharis Beverage Ltd, that was founded in 2002.

He has five children who all schooled in Nigeria with his wife, Charity Maduka.