Dr. Evang. Cosmos Maduabuchukwu Maduka (CON) (born on 24th December, 1958) popularly called Cosmos Maduka is a Nigerian billionaire businesman, industrialist, banker, investor, philantropist and founder of Coscharis Group of Companies – a conglomerate with interest in automobiles, technology, beverage, medical and foods, beverages and biostadt. ‘Coscharis’ i s a name gotten from Cosmos and his wife’s name Charity (the first three letters). He made his fortune in the 80’s by distributing automobiles and their spare parts. He is the sole distributor of BMW and Ford Cars in West Africa. On the 17th of September 2012, he was honoured with a National honour (Commander of the order of the Niger – CON) by the then President on Nigeria, President Goodluck Jonathan. In November 2015, he was on the cover of Forbes Africa Magazine with an estimated net worth of $500 million.
1 Early Life
2 Personal Life
3 Business and Philantrophy
4 Feud and Controversies
5 Coscharis Group Subsidiaries
He was born in Jos, Plateau state to Mr and Mrs. Peter and Rose Maduka. He father hailed hails from Nnewi North Local Government Council, a city well known for its entrepreneurial spirit as evidenced by the number of billionaires that have sprang up from the region. In 1962, when he was just 4 years old, he lost his father to the cold hands of death. He therefore started hawking bean cake (akara) and climbing palm trees to assist his mother. At the age of 7, he had to move Ebute – Metta in Lagos to work as an apprentice for his uncle in order to lessen the burden on her.
Two years later, at the age of 9, he had fully mastered his work and was sent errands to different branches to work like Sokoto and then later to Nnewi. In 1975, when he was about 14 years old, his uncle sent him packing because he left the church and attended a three day camp leaving the shop closed. He sent him away with just 200 naira then which he used to start his life on his own.“It was done to punish me, but having known a little about God, I looked at him in the eyes and said, `God hardened the heart of Pharaoh to show His might in the land of Egypt. I served you well, and I don’t deserve this. But if this is what you have to offer me, five years from today, you will be amazed at what you’re going to see out of this”, he painfully recalled in a conference held in Owerri by Charismatic Renewal Ministries (CRM) where he was invited to speak.
He is known to be very simple and humble despite his vast wealth. Moreover, he is very principle in nature. He is married to Charity Maduka and blessed with children. Intially, his in-laws kicked against the marriage because he was from a relatively poor background but after he made his wealth, they were glad they gave their daughter to him. He goes to the gym almost every week as he believes in keeping fit. In July 2015, his son, Cosmos Maduka Jnr got married in a flamboyant wedding held in Lagos and it was well received thoughout the country with the presence of the state governor, top business tycoons, dignataries and celebrities in attendance. He had served as the President of the Nigeria Table Tennis Federation (NTTF).
Business and Philantrophy
After he left his uncle, he teamed up with his brother to form Maduka Brothers with a combined capital of about 300 naira. They kept on re-investing their profits to expand the business. He later split with his brother and started doing the business alone. In a conference held in Owerri by Charismatic Renewal Ministries (CRM) where he was a speaker, he said the split was due to idealogical differences. He later started going to Lagos to buy spare parts independently and had his first break through when he discovered a new innovation called Motorcycle Trash Ban by Boulous enterprises. He removed the address and later sold it above twice the price when he got back and entered the next bus back to Lagos to get some more the same night. His capital then grew from about 300 naira to 3000 naira after some days.
Futhermore, at the age of 19, two years after he got married, he had a major setback which almost prevented him from continuing in business. He got a wrong consignment for the goods he had ordered for. He had to make ends meet as the breadwinner of the house by using a weighing scale which was one of the gifts given to him on his wedding day, to check people weight at the market in exchange for a little sum of money which was about 10 kobo. He later teamed with his friend David to form a company called CosDave motors from the proceedings of the business which also ended later due to idealogical differences. He later started his own company, Coscharis Motors.
His major breakthrough was in that same year in 1982 when the Nigerian government decided to grant import licenses to ten motor companies and fortunately for him, Coscharis Motors was selected. It was selected alongside with top automobile distibutors like Leventis Motors. He started importing automobiles into the country ever since then and kept on re-investing his profit to expand his business. According to him, he took advantage of exchange rates because naira was dwindling as of then and he always had a very good selling price for goods he had exported. He also stated that honesty, perserverance and hard work has kept him moving forward in business.
Later, he gradually founded other companies and now has interest in various sectors of the economy. In a bid, to bring all the companies together under one umbrella, Coscharis Group of Companies was formed. He has served on top the board of several companies including Access Bank. He has donated severally to the Nigeria Table Tennis Federation (NTTF).
Feud and Controversies
In 2012, he was involved in a shady deal with Dr. Ifeanyi Ubah of Capital Oil and Gas where he almost lost 21 billion naira, however, the issue was later handled by AMCON and further details were not disclosed. In 2013, Mrs. Stella Oduah, the then aviation minister illegally purchased BMW security vehicles from his comnpany, Coscharis Motors. His elder brother, Pius Maduka was kidnapped in 2014 but was later rescued by a combined team of Nigerian Army and operatives of Department of State Services (DSS), Anambra State Command in the same year.
Coscharis Group Subsidiaries
1. Coscharis Technologies.
2. Petrochemical (Abro).
3. Coscharis Beverage.
4. Medical and Foods.
5. Coscharis Biostadt.
Credit : Charles Etim