Cosmas Maduka (Born on 24 December 1958) is a 64-year-old Nigerian businessman and philanthropist. Cosmas Maduka’s net worth is estimated at $800 million, he is the founder and Chairman of the Coscharis Group.
Billionaires like Aliko Dangote, Mike Adenuga, and Pascal G. Dozie may be gainfully popular to all as a result of their financial status, but there are business moguls across Nigeria who have silently gained financial strength enough to compete with some of the wealthy men in the world. Cosmas Maduka is definitely one of them. He has been able to reach the pinnacle of success through hard work and commitment to their dreams. With a net worth of about $800 million, Cosmas Maduka rose from nothing, and now he is the Founder, President, and Chairman of the Coscharis Group.
64-year-old Cosmas Maduka Hails From Anambra State
Cosmas is Igbo by tribe and one of the many successful men from Anambra state. His parents are Mr. Peter and Mrs. Rose Maduka, from Nnewi, but he was born on 24 December 1958, in the city of Jos, Plateau state, where he was raised by his mother after the death of Mr. Peter when Cosmas was just four years old.
While there are no further details of Cosmas’ parents, he has siblings whose details have not been revealed. We also know for a fact that he spent much of his early life in the north-central region of Nigeria, after which he traveled the south south for his business.
About his educational background, Cosmas Maduka only underwent a primary education. He dropped out of school two years after his father’s death. However, in 2003, he received an Honorary Doctor of Business Administration (Ph.D.) University of Nigeria, Nsukka, and in 2012, he became a Harvard Business School Alumnus, having completed an Executive Education Program.
How Cosmas Maduka’s Net Worth Accrued
Cosmas Maduka is a billionaire with his $800 million net worth equivalent of ₦368.3 billion. The Anambra businessman owes his wealth to his Coscharis business conglomerate, which has spread its tentacles to diverse areas such as the auto industry, agriculture, beverages, and even I.T. Cosmas Maduka didn’t build his wealth overnight, though. He had to go from a lowly mechanic apprentice to the man that we all know today.
Cosmas Maduka Served as a Mechanic Apprentice to his Uncle
Having to fend for himself at an early age of seven may have been a heavy task for young Cosmas, who had to withdraw from school to assist his mother in her petty business. Up until his twelfth year, Maduka hawked Bean cakes (Akara) in the streets of Jos Plateau state, and in 1970, he left the city to live with his uncle in the Ebute Metta area of Lagos state.
Maaduka served his uncle as an automobile apprentice in their auto shop located at No. 88 Griffith Street, relatively close to Oyingbo Bus Stop. Two years into his apprenticeship, Maduka gained the trust and confidence of his uncle, who gave him larger sensitive responsibilities like traveling alone to make purchases on his uncle’s behalf from Nnewi.
At the age of 14, he was sent to work at one of his uncle’s business branches at Sokoto and eventually Nnewi. However, his relationship with his uncle fell apart, leading his uncle to terminate his apprenticeship and settle him with a pitiful sum of just 200 Naira.
Maduka Started His Own Business Even Before He Turned 19
Returning home, Maduka partnered with his brother to set up an auto spare parts business under the business name “Maduka Brothers”. Unfortunately, the business collapsed as a result of their ideological differences. Not deterred by the failure of his first business adventure, Maduka resumed the auto spare parts business again, this time as a sole proprietor.
With an initial capital of ₦300, Maduka bought into a business innovation of Boulos Industries, which had at that time introduced what they called a “motorcycle crash bar”. The new innovation was meant to be worn to protect people on motorcycles. The business paid off, and in about a week, he made a gain of ₦3,000 from his initial capital of ₦300.
At 19, Cosmas Maduka was already married and doing well in his spare parts business as well. To attain more financial growth, he decided to go into the importation business. Unfortunately, he was struck with a great misfortune when he received the wrong consignment. This loss led him into several debts, and his landlord, who he owed several months of rent, ended up locking his shop. Though bitten hard by his financial woes caused by his failed importation business, Maduka picked himself up again, and soon enough, he regained his financial strength.
The Birth and Rise of Coscharis Motors
Coscharis Motors was established in 1977 with a capital of just three hundred naira (₦300). The company got its name from a combination of the first three letters of Maduka’s first name, Cosmas, and his wife’s name Charity. Coscharis Motor deals in auto spare parts. It is the main merchant of a few brands of extravagant vehicles, including Range Rover, Ford, and Jaguar.
Maduka’s major business advancement began in 1982 when the Nigerian government granted import permits to ten organizations, of which Coscharis was one. This golden opportunity was behind Cosmas Maduka’s great financial strength.
According to Maduka, the import license granted to his company, Coscharis Motors, helped the company to witness a quantum leap. With the kind of income he made in a few years of importing auto spare parts, Maduka expanded his business and even bought a massive piece of land in Maza-Maza, Lagos State, where he built a gigantic company that manufactures motorcycle parts.
Over the years, Coscharis Motors became a household name in Nigeria, earning the trust of the people, particularly with vehicles from a diversified auto dealership comprising five luxury and two value brands. The company’s growing strength in auto parts helped it build stronger partnerships with auto dealers worldwide.
In 2015, Coscharis Motors became the sole distributor of BMW cars in all of Nigeria. The company also became the very first to build an Assembly Plant for the Ford Ranger in Nigeria and emerged winner of the Auto Brand of the Year at the Marketing World Awards held in Ghana.
Not only is Coscharis Motors the sole representative of Ford Motor Company in Nigeria, but It is also the distributor of other brands of cars, including Range Rover and Jaguar. The company is now also one of the largest distributors of spare car parts in Nigeria.
Coscharis Group Is Now the Major Source Of Cosmas Maduka’s Net Worth
Maduka’s Coscharis Motors has so much evolved into an indigenous conglomerate with diverse interests in Manufacturing, ICT, Petrochemicals, Auto care and Auto Components, Automobile Sales and Services, Agric and Agro Allied business sectors of the Nigerian economy with total assets of about $500 million.
Thanks to his leadership skills, the Coschris group is today, is rated as one of the top 50 brands in Nigeria. The company’s status in the country’s economic sector has helped it to gain the trust of international bodies and partner with globally respected partners to become a major considerable contributor to Nigeria’s economy.
Through his conglomerate, Cosmas Maduka maintained a strong business bond with Japanese companies. The business mogul also explained that in his business association with companies in Japan, he not only grew his business but also transformed his ways and office model. Drawing inspiration from the country’s culture, he was able to set up their office model. Today he is known for importing and distributing genuine automotive spare parts and accessories for Japanese vehicles as well as several other kinds of automobile-related products.
Cosmas Maduka’s Net Worth Also Sees Contributions From The Agricultural Sector
Aside from making huge incomes from selling auto spare parts and luxury cars for BMW, MINI, Rolls Royce, and Jaguar Land Rover premium brands and Abro USA Auto, Maduka also generates massively from agro-based businesses as agriculture becomes his biggest investment plug.
In 2016, the government of Anambra State approved a massive 5,000 hectares of
land for Coscharis Farms Limited, a subsidiary of Coscharis Group, to cultivate rice. Reports have it that the project would generate 3000 jobs and meet the high rice demands in Anambra state and the entire south East. Currently, Coscharis farm, which is headed by Cosmas Jr., Maduka’s first child, is known to produce over 20,000 metric tons of rice packaged under the brand name CosRice.
His Coscharis Beverages
There are also Coscharis beverages which, according to Maduka, was founded with a vision to deliver clean and safe-to-consume water and other beverages at the most competitive prices with the ultimate goal of satisfying consumers. The subsidiary company, which was incorporated in 2002, deals in customized beverages for Companies, Restaurants, Ceremonies (Parties, Weddings & Anniversaries), Conventions, and Annual General Meetings. Its products include Coscharis table water and Coscharis Yoghurt.
This is also one of Cosmas Maduka’s business conglomerates. Established in 2013, Coscharis Mobility aims to cater to the mobility needs of its customers by providing a supportive, cost-efficient means of transportation. The company is into car rentals, leasing, logistics, haulage services, drivers & staff outsourcing, and fleet management. It is the sole franchisee operator of SIXT Rent-A-Car in Nigeria. Coscharis Mobility is currently located in Lagos, Port Harcourt, Abuja, and Kano.
Coscharis Technology Limited
Coscharis Technologies is a subsidiary of Maduka’s conglomerate that is focused on the I.T. sector. The company was incorporated in 1993 and is an authorized distributor to the Original Equipment Manufacturers (OEM) of the following IT Brands: – HPE, Samsung, APC Schneider, Mercury, Huawei, Tender, Honeywell, Linksys (such as Switches, Laptops, Desktops, Printer, Scanners). The company is also a partner to Microsoft, Cisco, Lenovo, etc., with its offices strategically located in the hearts of Lagos, Abuja, and Port Harcourt.
Coscharis Medical and Food Ltd
This arm was established in 1997 with the aim of providing streamlined healthcare services to clients, including medical consultancy, diagnostic solutions, etc. Another area of expertise is the provision of training for medical personnel within and outside the country. With their offices located in Lagos, Abuja, Port Harcourt, and Enugu, Coscharis Medical and Food has built a strong international relationship and has vibrant local networks.
Coscharis Motors Assembly Ltd
Coscharis Motors Assembly Ltd (CMAL) is a subsidiary of Coscharis Motors. It came into existence in 2014. It began the assembling of Ford Rangers (pickup trucks), with its first units rolled out in 2015. Through the company, Nigeria became one of the largest manufacturing plants in Africa, second only to South Africa, which has an even larger Ford assembly plant.
Sources of Cosmas Maduka’s Net Worth include:
- Spare parts
- Luxury cars
List of Cosmas Maduka’s Companies and Businesses
- Coscharis Motors
- Coscharis Mobility
- Coscharis Motor Assembly Ltd
- Coscharis Medical and Food Ltd
- Coscharis Technology Ltd
- Coscharis Beverages
- Coscharis Farms Ltd
Cosmas Maduka’s Awards and Recognitions
- In 2003 Cosmas Maduka received an Honorary Doctor of Business Administration (Ph.D.) from the University of Nigeria, Nsukka.
- He was conferred with the National Honours of the Commander of the Order of the Niger (CON) in 2012 by former President Goodluck Ebele Jonathan.
- He served as a Director in Access Bank Plc., one of the leading banks in Nigeria, for 12 years from 2000 –2012.
- In 2015, Maduka appeared on Forbes Africa’s Cover as the one who turned $1 dollar to $500 million. He was also highlighted in a select meeting of the Forbes Africa TV Series “My Worst Day with Peace Hyde.”
With a view to giving back to society, Maduka would regularly engage in social responsibility investments. Through his group of companies, he regularly sponsors both public and private human development activities, such as the annual Week of Caring and Public Private Auto Training Programmes at our auto training center, amongst others.
Although he is not known to be one who lives a flashy lifestyle, as a billionaire, Cosmas Maduka has several houses sprawled in several parts of Nigeria, including Lagos, where he lives with his family.