Nigeria’s Richest List
Cosmas Maduabuchukwu Maduka’s Biography
Born December 24, 1958 to Mr. Peter Maduka and Mrs. Rose Maduka in Jos, Northcentral Nigeria, Dr. Cosmas Maduabuchukwu Maduka is an indigene of Nnewi, Anambra State, Southeast Nigeria. He is a businessman of great repute and the Chief Executive Officer of Coscharis Group of Companies.
Having lost his father to the cold hands of death at the tender age of four, he became an apprentice, as is commonplace in the eastern part of the country.
Comas’s business interest cuts across diverse sections of the Nigerian economy, which include Banking, Auto, Information and technology, Communications, Manufacturing, among others.
After the passing of his father, Maduka first started hawking bean cake, otherwise known as akara in Jos, helping the mum out, before he later relocated to Lagos to serve as an apprentice to his uncle in automobiles in Ebute Metta, Lagos, Southwest Nigeria.
Having shown great skills and tenacity, mastering most aspects of automobiles already at the teenage age of 14, his uncle then trusted him enough to send him out on assignments all by himself. Maduka would make purchases on his uncle’s behalf, and would even go as far as Nnewi in his home state and Sokoto, Northwest, Nigeria, to work, all of which he carried out excellently.
Things took a swift turn and began to fall apart between him and his uncle in 1975. It has been alleged that the uncle sent him packing after he found out that Cosmas had gone to attend a church program. His was given 200 naira as severance package. Cosmas would later partner with his brother to start an auto spare parts business. The newly founded business didn’t last long either as he was able to profit just one hundred naira (N100) from it.
Cosmas then went solo, investing his 300 naira proceed from previous failed dealings into motor cycle spare parts trading. It was from that time that he began to experience a steady rise in his start-up capital, which quickly went from 300 naira to a whopping three thousand naira (N3000). Unfortunately for Maduka, he later lost the money when he tried his hands at importation business, leaving him almost broke.
However, a determined Cosmas isn’t one to give up at all as his Coscharis group got incorporated in 1983. The company began dealing in the importation of auto parts. They imported parts specifically for Japanese-made vehicles and related auto products. His company’s first head office was opened six years later, in 1989, in Lagos.
In 1998, Coscharis Group secured an exclusive license to market German car manufacture brand, BMW, dealing in variants such as the BMW X6, X5, X3 and X1. The Group also deals in Land Rover variants like the Range Rover Evogue, Range Rover Sports, the Discovery 4, Range Rover Vogue, Freelander 2, and the Defender within the shores of Nigeria.
In 2001, the Coscharis Group secured rights to market American-made autos, Ford and MG brands, in addition to the European ones.
Net worth: $920 million (2016 estimate)
Foundation or organization founded: Coscharis Group