If Coscharis were listed, I’d be worth $5 billion – Cosmas Maduka

In Nigeria, few names evoke as much nostalgia and respect as Cosmas Maduka, the visionary entrepreneur and founder of the Coscharis Group. For many Nigerians growing up in the 2000s and 2010s, Coscharis Motors was more than a car dealership; it was a symbol of success. Its showrooms, lined with BMWs, Jaguars and Fords, defined what aspiration looked like in an era when buying a car from Coscharis meant you had arrived.

Now 67, Maduka remains a commanding presence in the country. His name still carries the story of a man who rose from hardship to create one of the country’s most recognizable brands. Reflecting recently on his life’s work, he made a bold claim that drew attention across the business community: “If our company were publicly listed on the stock exchange — which is how Forbes usually estimates wealth—I wouldn’t be worth less than $5 billion today.”

From street hawker to auto magnate

Maduka’s confidence is rooted in a journey that started far from wealth. Born in December 1958 in Nnewi, Anambra State, he lost his father at four and left school early to help his mother survive. By age six, he was hawking goods on the streets. At 16, while apprenticed to his uncle as a mechanic, he was dismissed after a misunderstanding and sent away with just N200. That moment became the turning point that pushed him toward independence.

At 17, he co-founded a small auto parts business called CosDave with a friend. The venture failed, but it set the foundation for what came next. In 1977, he started again, this time naming the company Coscharis Motors, a blend of his name and that of his late wife, Charity, whom he married at 21. Their partnership became both a love story and a business alliance that would shape his future.

Coscharis Motors’ breakthrough came in 1982 when the Nigerian government granted import licenses to ten motor companies. Coscharis was one of them, a major step that brought national recognition and opened doors to partnerships with global automakers. Over the next two decades, the company became a trusted name in automobile distribution, representing brands such as Ford, Jaguar and BMW. Its success turned Maduka into a household name and a model for ambition in Nigeria’s private sector.

As the auto business grew, he diversified into other businesses thus expanding his business empire. The Coscharis Groupexpanded into agriculture, technology, healthcare, petrochemicals and consumer goods. His ability to operate across multiple sectors reflected a practical understanding of risk and opportunity in an economy that often challenges entrepreneurs.

Maduka on loss, rebuilding, and legacy

Looking back, Maduka remembers both the victories and the setbacks. “10 Years Ago, I appeared on the Forbes Africa cover as the man who turned $1 into $500 million,” he said. “That feature came shortly after I had lost $200 million to a bad loan I extended to someone I considered a younger brother from my village.”

The loss, he explained, forced him to liquidate some investments and rethink how he handled relationships and capital. Rather than retreat, he rebuilt his business empire, expanding into new markets and adding operations in more than ten countries, including Japan, where Coscharis owns a major automobile company. He said: “After 50 years in business, we have built a multi-billion-dollar multinational with operations in more than 10 countries, including Japan, where we own a major automobile company.”

That resilience has defined his approach to mentorship. “I’ve continued to support young entrepreneurs,” he said. “Some repaid their loans; others didn’t. What I’ve learned is that money without knowledge is wasted. Many young people think they’re over-mentored and under-funded, but the truth is, knowledge properly applied creates wealth. Money by itself is useless without the right values.”

Cosmas Maduka’s vision drives $4 billion transition

His focus on values and long-term thinking continues to guide the group’s strategy. In 2024, Coscharis Technologies, the group’s technology arm, announced a $4 billion renewable power project aimed at advancing Nigeria’s clean-energy transition by focusing on solar and green infrastructure in a move to reduce dependence on fossil fuels and drive national development.

Half a century after starting his business with a few naira Cosmas Maduka has built Coscharis Group into a multinational employer with thousands on its payroll. What began as a small auto parts venture has evolved into one of Nigeria’s most recognized private conglomerates. Maduka’s rise from street hawker to industrialist mirrors the challenges and potential of doing business in Nigeria’s volatile economy.

His claim that he would be worth $5 billion if Coscharis were publicly listed underscores the scale of value he has created over decades. Estimates place his fortune below $500 million but his influence on Nigerian business extends beyond personal wealth.