Net worth of Cosmas Maduka
Cosmas Maduka has an estimated net worth of $800 million. He is a Nigerian entrepreneur, businessman and founder of the Coscharis Group.
Earning his first million
At the age of 24, Cosmas Maduka earned his first million with his company, the Coscharis Group, which he founded in 1977 at the age of 19.
Today, the company is a billion-dollar enterprise and an international business conglomerate with operational branches in Ivory Coast, Gabon, and Ghana.
Cosmas Maduka’s Biography
Cosmas Maduka was born into a poor family. He was born on 24 December 1958 as the son of the late Peter and Rose Maduka. He comes from the commercial home town of Nnewi in the Nigerian state of Anambra.
At a very tender age, he lost his father through an unfortunate incident. However, this led him to drop out of primary school to sell bean cakes (akara) with his siblings so that he could raise enough money to feed and care for the children.
When he was seven years old, his mother brought him to Lagos to her brother, who was in the motorcycle parts trade. He stayed with his mother’s brother, his uncle, and became an apprentice in this business.
Cosmas served for several years until he turned 14, and was paid by his uncle, who was angry because the little boy was going out for religious worship.
He was a Christian, and because he had to go to church, he closed the shop during working hours. This made his uncle very angry, and then he gave Cosmas N200 as severance pay for all the years he served.
He dropped out of school once because he lost his father, and things did not turn out well. Later he went back to finish everything that had to do with school.
Cosmas Maduka is an alumnus of the Harvard Business School (Executive Education Program) and received an honorary doctorate in philosophy in business administration from the University of Nigeria, Nsukka.
His career: Entrepreneurial path
At that time, N200 naira could do a lot of good. I have heard of people who bought land with N200 naira in the 1970s.
The money his uncle paid him was used for a partnership with his brother, and together they founded the Maduka brothers – a small trading company for motorcycle parts.
After some time, the two brothers went their separate ways when a dispute broke out over a financial deal. He learned a lot from his uncle, and soon all the experience he had gained during the seven years of service under his uncle was of benefit to him.
He bought and sold motorcycle parts and was involved in the repackaging of the motorcycle parts he bought.
At that time he was doing business with a motorcycle and bicycle marketer, Boulu’s Enterprise, and usually separated the marking of the goods he bought from the company for resale.
Later he teamed up with his friend Dave, who goes by the name of Dave. Because of this partnership, the company was renamed CosDave for a while before they separated in the event of a dispute.
In 1977 Cosmas Maduka founded Coscharis Motors, which was later renamed the Coscharis Group.
The company was engaged in the import and distribution of car spare parts, including spare parts for Japanese cars.
The name of the company, Coscharis, is the result of a combination of his wife’s name, Charity, and his name, Cosmas, and so you get Cos (Cosmas) and Chari (Charity), where the “S” in Coscharis comes from the “S” at the end of “Cosmas”.
He built the company from nothing in the eyes of the Nigerian government to such an extent that when the Nigerian government decided in the 1980s to grant import licenses to ten local companies, his company found his name on the list.
Today, the Coscharis Group is one of the largest dealers of various car brands, including Ford and Rolls Royce, and the sole distributor of Bayerische Motoren Werke AG (BMW) in Nigeria.
Under the Coscharis Group, there are several companies that conduct and operate a business in different sectors.
These companies, the parent company of which is the Coscharis Group, include Coscharis Motors, Coscharis Farm, Coscharis Beverages, Coscharis Mobility, Coscharis Motors Assembly LTD, Coscharis Medical and Food LTD and Coscharis Technology LTD.
The Coscharis Group is the parent company of industrial companies operating in various sectors. Founded in 1977 by Cosmas Maduka, the conglomerate has interests in the technology, medical, food, automotive, agricultural, and beverage sectors.
The company was founded in 1977 and is the sole distributor of the durable and balanced international vehicle brand Bayerische Motoren Werke AG (BMW). It also markets luxury vehicle brands such as Ford, Range Rover, and Jaguar.
It is the sole operator of SIXT Rent A Car in Nigeria and offers freight forwarding services, logistics, outsourcing of drivers and personnel as well as vehicle management.
The company was founded in 2013 and has since then served the needs of various other companies and individuals in need.
Coscharis Technology LTD
The company is engaged in the provision of special software programs for all kinds of companies and is also active in the information, communication, and technology market in Nigeria.
Coscharis Farm was established to contribute to the growth and development of agriculture in Nigeria. It is located in the state of Anambra and is engaged in the production of rice grains in commercial quantities.
The company was founded in 2002 with the aim of distributing non-alcoholic beverages to the general public.
Coscharis engines assembly LTD
Coscharis Motors Assembly Limited was founded and incorporated in 2002. It is a branch of Coscharis Motors with a focus on Ford Rangers assembly.
Coscharis Medical and Food LTD
This company is the health branch of the Coscharis Group. It was founded in 1997 and provides professional health services and training for medical professionals in and outside Nigeria.
Early plans and entrepreneurial background
The Nigerian business magnate had plans for his future at a young age. He set goals and strategies to achieve these goals in life.
At the age of 14, he received Christ and became a devout believer, which led to him losing his job as an apprentice to his uncle. This obviously pointed him in the right direction and set him on his entrepreneurial journey.
Lover of sports
Cosmas Maduka is a sports fanatic. He loves cycling and football and was appointed president/chairman of the Nigerian Table Tennis Federation.
Honors and acknowledgments
In 2012, Cosmas Maduka was awarded the National Honour of Commander of the Order of Niger (CON) by then President Goodluck Jonathan.
From 2000 to 2012 Cosmas Maduka held the position of Director of Access Bank PLC. He was also appointed President/Chairman of the Nigerian Table Tennis Federation – a position he held for 16 years.
Personal life and family
At the age of 19, he married his lovely wife, Charity Maduka, whose name was used in the founding of today’s billion-dollar empire.
Since their marriage, they have been blessed with children, and they live in the best part of Lagos, Nigeria.
A critical lesson from Cosmas Maduka
Plan early and do not forget to formulate realistic goals. As you make your plans, it is essential to design strategies, metrics, and measures to achieve the goals.
As far as making plans is good, you need strategies to turn the plans into reality.