Cosmas Maduka is a Nigerian business magnate and the founder/CEO of Coscharis Group. He established the Coscharis Motors in 1977, and made his first million at age 24.
Today, Coscharis Group is a business conglomerate with over 26 branches nationwide. Also, the company has presence in 3 other African countries; Ghana, Gabon, and Cote D’Ivoire.
Cosmas Maduka Early Life
Cosmas was born on December 24, 1958. He hails from Nnewi, Anambra State and was born to late Peter and Rose Maduka. Cosmas began his education, but dropped out in elementary three, few years after losing his father. As a result, he began to assist his mother in her business. He was hawking Akara (bean cake) with his brother so as to fend for the family.
Later, at age 7, Cosmas was taken to his maternal uncle to serve as an automobile apprentice. He served his uncle who sold motorcycle parts in Lagos.
Unfortunately, at age 14, his uncle relieved him of his duty because Cosmas closed shop to perform some religious exercise due to his new found faith – Christianity. This infuriated his uncle, so, he paid Cosmas off with N200 for his 7 years of service. Surely, that marked the beginning of Cosmas’s independent entrepreneurial journey.
Cosmas took the N200 and partnered with his brother. Together, they formed Maduka Brothers and were trading in automobile parts. They soon parted ways because of financial differences. All the experience and connections he built while working with his uncle came in handy in his entrepreneurial pursuit.
He started buying motorcycle parts and selling. Also, he got goods from Boulus Enterprise, a bicycle and motorcyle marketer. He would buy from them, remove their tags and sell. Cosmas continued and later on went into another partnership with his friend Dave. It was named CosDave, but it soon failed due to some differences as well.
Then, in 1977, he established the Coscharis Motors now Coscharis Group. Coscharis is a combination of his name and his wife’s – Cosmas and Charity. Coscharis started the importation and distribution of automobile spare parts, accessories of Japanese vehicles and all other kinds of automobile products.
The company grew and expanded and in the 1980s, the Nigerian government decided to grant importation licence to 10 Nigerian companies. Coscharis was among the selected companies and that was the beginning of a new dawn for the company.
Today, Coscharis is the sole distributor of BMW in Nigeria. It also markets Range Rover cars, Rolls Royce, and other American car brands like Ford.
Cosmas Maduka Personal Life
As early as the age of 15, Cosmos already set goals that he wanted to achieve. Some of the goals was marrying early and succeeding in life. Therefore, at age 19, he married the beautiful Charity Maduka. The union is blessed with children and the whole family resides in Lagos.
Also, at age 14, he gave his life to Christ and has remained committed to his faith till date.
He loves sports such as football and biking. He did serve as the President/chairman of the Nigerian Table Tennis Federation.
Coscharis Group is an indigenous conglomerate which has contributed to the national economy. Its interests spans across different sectors of the Nigerian economy; agriculture, agro-allied, medical, food & beverages, information technology, engineering, automobile, e.t.c
Coscharis is a franchise holder to luxury car brands like BMW, Rolls Royce, Jaguar, Range Rover, Ford etc. The company was incorporated in 1977 and has continued to provide luxury and affordable vehicles to lovers of luxurious cars. The cars are showcased in ultra-modern showrooms nationwide.
In a way to improve the agricultural state of the country, Coscharis farm was established. It is located in Anambra and it produces hygienically processed rice grains for mass market supply and consumption.
Coscharis Technology Limited
Coscharis Technologies caters to niche information, communication and also technology markets within the public and private sectors in Nigeria. It also provides hardware and software applications to organisations.
Coscharis Medical and Food Ltd
This arm was established in 1997 and it provides professional healthcare services such as medical consultancy, diagnostic solutions, e.t.c. It also provides training for medical personnel within and outside the country.
It was incorporated in 2002 to deliver clean safe water and non-alcoholic beverages for consumption. It aims to provides a satisfactory service to her customers while employing highest health and safety standards.
Coscharis Motors Assembly Ltd
It was established in 2014 as a subsidiary of Coscharis Motors. It began the assembling of Ford Rangers (pickup truck) with its first units rolled out in 2015. This development however, made Nigeria one of the largest manufacturing plants in Africa second only to South Africa for Ford Assembly.
It was incorporated in 2013 as a vessel for providing solution to consumer specific needs. It also does car rentals (short and long term), leasing, logistics, haulage services, drivers & staff outsourcing, e.t.c. It is the sole franchise operator of SIXT Rent A Car in Nigeria.
Cosmas Maduka Net Worth
Forbes Africa Cover named him the man who turned $1 dollar to $500million. His net worth is estimated at $800 million.
Award And Recognition
Cosmos holds an honorary Ph.D (Business Administration) from the University of Nigeria. He also became an alumnus of Harvard Business School (Executive Education Program) in 2003.
President Goodluck Jonathan awarded him the National Honour of the Commander of the Order of the Niger (CON), 2012
He served as a Director in Access Bank Plc. between 2000-2012.
Also, he served as the President/Chairman of the Nigerian Table Tennis Federation for 16 years. During his tenure, the team participated in the Olympic Games, Atlanta 96, Athens 2000, Sidney 2004 and Beijing 2008.
Cosmas Maduka Quotes
“You don’t really know who you are until you are at a crossroad.”
“Adversity is nothing but a refining fire that burns out impurities in one’s life.
“You don’t get what you deserve, you get what you negotiate.”
“Running a business is like getting into a war, so you need to get your strategy right from onset.”
“Entrepreneurship is about service offering, and looking for opportunity to serve.”
“If you learn to serve, money will follow you.”
“On success; you don’t get to any point and say you have arrived because there are several obstacles along the line.”
“An entrepreneur must continue to invest in his business and keep reversed capital incase of unexpected shocks.”
“In business, knowing where to buy is just as important as selling.”
“Take something out of nothing, and run with it.”
“In life, we don’t get promoted until we have qualified for a position.”
“Don’t ever take a risk you cannot discount. Weigh your options before venturing into it.”
“The world is a shopping mall. You can buy anything provided you are willing to pay the price.”
“Every entrepreneur should sincerely believe in their vision and be willing to be misunderstood and drive goals with passion.”
“If you remain focused, there is no goal that is unattainable.”
Entrepreneurial Lessons From The Life Of Cosmas Maduka
No doubt, Cosmas had a clear vision for his company from the onset and was always on the look-out for opportunities to distinguish himself from his competitors. Suffice us to say that, his ability to look for ways to improve himself kept him in business till date unlike his counterparts who fell by the wayside.
As an entrepreneur, having a clear vision for your business is very important. Moreover, a clear vision will help you draft a concise business plan that you can follow and tweak along your entrepreneurial journey.
Create room for expansion
Basically, anything not growing is dead. From Cosmos Maduka’s story, you will see a man who thirst for success. Success comes from growing and employing continuous improvement.
Certainly, innovation is at the heart of Coscharis; their showrooms is fully equipped with in-house service centers. Also, the company is known for quality standard and excellence as they have been recognized as the top 50 brands in Nigeria.
Accordingly, entrepreneurship is about consistently delivering quality service. So, as an entrepreneur, ensure you deliver what you promise and the sky will be your starting point.
Photo Credit/Sources: Instagram, Moneyissues, Nigerianfilms, Forbes, Istazu, and Martawarye.