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  • 3 years ago
Categories: LeadershipSpotlights

Cosmas Maduka: How I Turned N200 To $500 Million

There are plenty of big names flying under the business radar, but not Cosmas Maduka, the CEO of Coscharis Group. Now, if you’ve ever wanted to learn the secret to his success, then this is a really  important article to read.

 

The Man

Dr. Cosmas Maduka is a notable figure in the Nigerian Business Sector and the CEO of Coscharis Group of Companies.

He was an uneducated man who pulled himself out of poverty to become a billionaire. His father died when he was four years old and his mother who fried bean cake (Akara) could not cope with the hardship and had him hawk Akara. Things got worse and he got withdrawn from elementary three and was sent to live with his maternal grandparents. At age seven, he was sent to Lagos to learn a trade with his uncle who was squatting with someone else.

He was, however, fired by his uncle at the young age of 14 after going for a Christian camp meeting and was given 200 naira which he used to start his first business with his brother. The partnership did not last and both went their separate ways. He then began selling motorcycle crash ban and recorded good profit which made him venture into importation. A wrong consignment, however, made him lose all his capital. Notwithstanding, he started all over again and his allergy to failure saw him build an automobile empire over the years, which is now worth $500m.

 

His Business

Coscharis Group has more than 26 branches in Nigeria and is equally present in other African countries like Ghana, Gabon and Cote D’Ivoire and its operations spans in major sectors of the economy like Automobile, Medical, Foods, Beverages, Information Technology, Engineering and Agriculture.

Its interests spread beyond the auto-mobile sector with subsidiaries like Coscharis Technology Ltd , Coscharis Medical & Foods Ltd, Coscahris Farms Ltd. , Coscharis Beverages Ltd., CG Biostadt, and Coscharis Motors Assembly Ltd.

 

His Career

Dr. Cosmas Maduka’s breakthrough came in 1982 when the Nigerian government decided to grant import licenses to ten motor companies and Coscharis Motors was selected. Subsequently, Coscharis group was incorporated in 1983, dealing in importation of auto spare parts for Japanese Vehicles and related auto products with its first head office opened 1989 in Lagos.

In 1987, he built an ultramodern complex in Victoria Island Lagos and in 1998, the group secured right to market BMW/Range rover brands in Nigeria. The company presently owns state of the art Ultra-modern sales and showrooms in Lagos and Abuja. And by 2001, he had diversified into sale of American car brands.

In Forbes Africa TV’s “My Worst Day with Peace Hyde, Cosmas Maduka shares a thing or two about overcoming adversity- from losing his dad at age four, to surviving the civil war in Biafra, and to how a business gone soar became his worst day day in business ever.

 

 

Cosmas Maduka: How I Turned N200 To $500 Million was last modified: August 2nd, 2017 by Obiageli Asika