Dr Cosmas Maduka is the Founder, Chairman and CEO of Coscharis Group of Companies. He is a Nigerian billionaire and has been listed on
Forbes as one of the richest men in the Africa. However, the Nnewi-born business tycoon did not just stumble on success; his is a case of a rough path leading to a smooth highway.
His Early Childhood
Christened CosmasMaduabuchukwuMaduka, he was born on December 24, 1958 in Jos, Plateau State, to the family of Mr Peter and Madam Rose Maduka, who are from Nnewi, Anambra State, Nigeria.
Sadly, in 1962, he lost his father to the cold hands of death and was left with his mum. At that tender age of 4, he had to learn to fend for himself. By the time he was 5 years old, he had begun hawking
akara to support his mother.
Rough Beginning…
When his mother saw that their situation was not getting any better, she withdrew Cosmas from elementary school (he was in Primary 3 at the time) and sent him off to her brother in Lagos. That way, she thought, she would be left with the burden of taking care of only three children.
So, at age 7, Cosmas was enrolled as an automobile apprentice under his maternal uncle in Lagos. His uncle lived with a friend at Ebute-meta and had a store at 88 Griffy Street, near Oyingbo Bus stop, Lagos State. Since the house did not belong to his uncle, Cosmas had to spend the nights at the store while his uncle took the keys home with him.
Rediscovering Faith
Although Cosmas was born and brought up in the Catholic faith, during his time as an apprentice, he drifted off the path of faith and delved into smoking and drinking. Fortunately, a friend invited him to a parish of the Redeemed Christian Church of God (RCCG) in Ebute-Meta and there, he received Christ into his life once again; this time, determining to hold fast to the faith.
Becoming a Pro…
Against the jeering and booing from his colleagues – doubting how much he could learn or do at that tender age, Cosmas began to take trips to Nnewi to purchase items for his uncle, who also doubled as his boss. And he was only nine years old!
By the time he was fourteen years old, his boss would send him to work in their branches in places like Sokoto and even Nnewi. However, all this time, there was no contractual agreement between him and his uncle – he just served.
A Blessing in Disguise?
At the age of 14, on one of his trips to Nnewi, Cosmas’ uncle paid an impromptu visit to their branch there but met Cosmas’ absence because he had gone to attend a camp meeting. That day, his uncle paid him off with the sum of #200 and asked him to concentrate on his faith.
Bruised but not broken, Cosmas collected the money and promised his uncle that he would surely break even in the next few years. This, he said, basing his words on the faith he had in God plus an optimistic spirit he has. Hence, with a capital of #300, he established
Maduka Brothers with his brother and they sold automobile spare parts. This partnership was, however, short lived and they had to part ways due to some differences they had.
Cosmas, therefore, took to sole proprietorship; he bought goods in Lagos and sold them at Nnewi.
His first break came when he went to Boulous Enterprise and stumbled on a new innovation – motorcycle crash ban. He bought several quantities, tore the address off the carton (so that others won’t know where he got it from) and sold all the goods the following day. With this new development, he made trips to Lagos four times in a week and his capital rose from #300 to #3,000.
His fall and Rise
Cosmas got married to Charity at the age of 19 and ventured into importation with his capital. Unfortunately, he received the wrong consignment which left him in debts. Understanding that there is dignity in labour, he picked the scale that was gifted to them on their wedding and took it to the market where he charged 10kobo for each person who climbed the scale. His wife, not happy to see her husband doing such ‘work’, got a job and supported their family.
Eventually, Cosmas gathered enough capital and partnered with a friend, David, to form CosDave. This partnership did not last long too and they went separate ways.
In 1982, he formed ‘Coscharis’, a name derived from his name and his wife’s, and in the same year, the Federal Government granted import license to ten motor companies of which Coscharis was one. That single move is what brought Coscharis its major breakthrough.
Coscharis Group was incorporated in 1983 and their first head office was opened in Lagos in 1989.
Today…
The company has grown and expanded on all fronts. Being one of the pioneering companies for modern autoparts and dealership, it secured the sole right to market BMW brands in Nigeria. The company has over 26 branches in Nigeria with presence in other African countries as well.
Subsidiary companies include those in the Information Technology, Food & Beverages, Medical, Engineering, and Agriculture sectors.
Dr CosmasMaduka has five children from his marriage to Charity. He believes in Nigeria and showed this by sending all his five children to Nigerian universities although they all have American citizenship.
References
www.vanguardngr.com/2012/07/i-became-an-automobile-apprentice-at-age-7-to-escape-poverty-coscharis-boss/amp/
www.logbaby.com/encyclopedia/dr-cosmas-maduka–coscharis-group-_16784.html#.W0caVpko_qA
Feature Image: thisdaylive.com
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This article was first published on 17th July 2018
Comments (1)
Thanks for the article. Much thanks again. Cool!.