Across the African continent, there are several stories of successful business tycoons. Some had strong financial boosts from their already wealthy families, while for others, the journey was less smooth, but through sheer doggedness, dynamism, unparalleled energy and passion in the face of daunting odds, they earned remarkable success.
In this week’s edition of founder’s profile, we take a look at one of Nigeria’s most successful business magnates, Dr. Cosmas Maduka, the founder of Coscharis Motors Limited.
Dr. Maduka’s story is an inspiration that every young Nigerian can take cue from, as it teaches how resilience, hard work, and taking advantage of opportunities at the right time are important for the success of any troubled entrepreneur anywhere in the world.
Early Life and Education
The young Cosmas was born in 1958, to Mr. and Mrs. Peter and Rose Maduka in the cold city of Jos, North-Central Nigeria where his parents lived for a long time. The Maduka family hails from Nnewi, Anambra State (a town believed to have the highest number of Naira billionaires in the country). He was the second in a family with 4 children.
In 1962, at the age of just 4, tragedy struck with the passing of his father. With the poor and pitiable status of his family’s finances then, he had to fend for himself. When he was 7, he withdrew from primary school at elementary 3 to assist his mother in hawking Akara (bean cakes) in Plateau, Jos.
As he said:
“At the age of five, my mother was already making sure we worked or contributed to making ends meet for the family. I would go out early in the morning, just as the day is breaking, to go and grind beans for my mother to fry akara.”
When Cosmas was 12 years old, his uncle who resided in the Ebute Metta area of Lagos, took responsibility for his well-being by bringing him over to serve as an apprentice in his automobile shop on Lagos Island. Since his uncle had no place of his own to stay, he’d usually sleep at his friend’s place while Cosmas would sleep in the shop at the end of every work day.
Through his hard work, dedication, and honesty, he won his uncle’s trust and was given more responsibilities, such as traveling alone to Sokoto, Northern Nigeria to either work at one of their branches, or make purchases on his uncle’s behalf from Nnewi.
However, the relationship with his uncle turned sour in 1975, when his uncle abruptly terminated his apprenticeship. This was as a result of the closure of the workshop, while Cosmas attended a church camp programme. His uncle was livid and dismissed him with only N200 as his settlement.
His Entrepreneurial Journey
After the disappointing incident with his uncle, he founded an auto spare parts business called Maduka Brothers with his brother which eventually shut down, and they parted ways due to ideological differences.
Determined to succeed, Cosmas started a new business as the sole proprietor. He began by buying and selling motorcycle spare parts from Boulos Industries in Lagos. The major product that was turning in a lot of returns for him was Boulos’s new innovation, the motorcycle crash bar, worn to protect people on motorcycles. Within a short period of one week, his capital rose from N300 to N3,000.
Misfortune in business
He started importing motor spare parts, unfortunately, he was struck by a great misfortune when he received the wrong spare parts consignment. This loss plunged him into debt, and his landlord whom he owed several months’ rent, ended up locking his shop. Left with nothing, Cosmas had to start all over again. He then picked a weight scale that he had received as a gift from his wedding, took it to the market, and started to charge 10 kobo from everyone who measured their weight. This daily routine got his wife in tears because of what her husband was going through, remembering their previous comfortable state.
According to him:
“I lost all my first Capital due to wrong imported goods. I made a mistake on the part number and the goods were unsellable. I then had to sell them way below the cost price and this put me into debt”.
The Road to Coscharis
After saving up a little capital, Maduka teamed up with a friend of his, Dave, to start a new business called CosDave. Not long after their new business partnership, they had a falling out. This led him to start yet another business called Coscharis. The name Coscharis was formed from the combination of two names: his name, Cosmas, and his wife’s name, Charity.
Cocharis Motors has since become a leading automobile sales and servicing company in the country. In addition to other brands of cars such as Range Rover, Ford, and Jaguar, he is the sole distributor of BMW in Nigeria.
Light at the end of the tunnel
His big break finally came in 1982, when the Buhari/Idiagbon Government granted 10 motor companies import licenses, and his Coscharis Motors was selected. This was the turning point in his business after which his company has continued to grow, with several branches around Nigeria.
“This was actually the turning point where I made a quantum leap. I made money that drug pushers could not make because it was a seller’s market. From there I bought the building in Maza-maza. I bought the place in 1984 and by 1986, I had built it up to what it is now and started manufacturing some motorcycle parts. The success was like wildfire and I had enough money. So, I built on it and started doing so many things.”
His investment in Agriculture
In 2016, Anambra State approved 5000 hectares of land for Coscharis Farms to cultivate rice. The project has been reported to generate 3000 jobs upon completion.
The Coscharis Group is rated as one of the top 50 brands in Nigeria by Top 50 Brands Nigeria. Cosmos Maduka sits on the boards of several reputable companies. He served as a Director in Access Bank Plc, one of the leading banks in Nigeria, for 12 years from 2000-2012.
In 1977, at the age of 19, Cosmos Maduka married his wife, Charity and together, they have three sons and a daughter.
In 2012 he was inducted as a Harvard Business School Alumnus, having completed an Executive Education Program.
Cosmos Maduka was among the few persons honored by President Goodluck Jonathan with the National Honour of the Commander of the Order of the Niger (CON) in 2012.
According to his interview with Forbes in 2015, his personal net worth sits at over $500 million US dollars and still counting.
Vodacom Nigeria gets new MD
Vodacom Business is a leading pan-African telecommunications provider wholly-owned by the Vodacom Group.
Vodacom Business (Nigeria) Limited has appointed Mr Valentine Chime as the Managing Director of its operations. According to a statement from the company on Monday, the appointment is at the instance of the board of directors.
He will now drive the company’s vision of becoming Africa’s leading cloud and digital service provider, the statement read.
Prior to this appointment, Valentine Chime was with Aruwa Capital, a private equity company investing across West Africa. He also worked at Kaizen Venture Partners, a private equity company focused on distressed assets. He has held various C-suite positions in a number of portfolio companies in different sectors.
Chime expressed his enthusiasm to take up the position and challenge of building the Vodacom brand in the country. He said:
“Vodacom Business Africa (Nigeria) Limited is well-known and very respected in the industry, and I look forward to taking up this mission.
“Covid-19 has accelerated digital transformation, and we are perfectly positioned to deliver intelligent connectivity through seamless delivery of cloud and digital services and technologies to our clients.”
Vodacom Business is a wholly-owned subsidiary of the Vodacom Group, and a leading pan-African telecommunications provider that came into Africa since 1992.
America announces modified guidelines for foreign students returning to its schools
If you are a student already enrolled in an American university or just about to be enrolled, then you should read this carefully.
The U.S Immigration and Customs Enforcement (ICE), on Monday announced a much-needed update regarding the guidelines for foreign students hoping to return to campuses for the autumn semester.
A statement published on ICE’s website clearly spelled out the guidelines. Unfortunately, for some of the foreign students, these guidelines might as well come across as confusing instead of straightforward/explanatory.
Before we proceed to ICE’s modified guidelines, it is important to first note that some American universities have announced various modalities for class attendance amid the ravaging pandemic. For instance, while some schools said their classes can only be attended online, for now, others said they are committed to regular classroom settings, even as some others have plans to combine both face-to-face lecturing and online classes.
As a foreign student planning to return to school in the USA this autumn, the modality adopted by your school will simply determine how ICE’s new guidelines will affect you. Let us now examine the guidelines.
Modifications to ICE’s Student and Exchange Visitor Programme (SEVP)
Guidelines on online classes: ICE said that foreign students enrolled in American universities offering only online classes, will not be granted student’s visas to return to the country. Now, this is tricky because even though such students are permitted by the U.S Customs and Border Protection to enter the country, they will not just be granted their student visas by American consulates anywhere in the world. The implication of this, therefore, is that no foreign student is allowed to be in the USA while undertaking online classes offered by an American university.
Foreign students who wish to return/remain in the USA during the autumn semester must ensure that their classes will not be taught online. If it so happens that a foreign student is enrolled in a school offering only online classes, such a student has the option of transferring to another school that is conducting face-to-face lecturing. Otherwise, the student should stay back in their home country and take the full course online.
Foreign students who are already in the country but enrolled in schools offering only online courses must also ensure that either switch to a different school with the face-to-face lecture option, or leave the country willing. Otherwise, such foreign students risk being deported.
“Nonimmigrant F-1 and M-1 students attending schools operating entirely online may not take a full online course load and remain in the United States. The U.S. Department of State will not issue visas to students enrolled in schools and/or programs that are fully online for the fall semester nor will U.S. Customs and Border Protection permit these students to enter the United States. Active students currently in the United States enrolled in such programs must depart the country or take other measures, such as transferring to a school with in-person instruction to remain in lawful status. If not, they may face immigration consequences including, but not limited to, the initiation of removal proceedings,” part of the guideline said.
Guidelines on regular classes: The revised guideline specified that foreign students enrolled in American schools where classes are still taught face-to-face are required to be available on campus to attend classes during the autumn semester. Upon return to campus, such students are allowed to decide whether to combine both physical class attendance and online classes.
Other guidelines: Foreign students attending US schools that are combining online classes with physical lectures will not be allowed to only attend online lectures while on campus. Instead, they must attend both the online classes and face-to-face classes.
Some issues to consider
-It is obvious that ICE is trying to stop some foreign students from trooping to the USA when they can remotely receive lectures online. After all, this will help prevent further trans-border spread of COVID-19. However, online classes come special challenges, especially for students in foreign countries. The time difference is one of such challenges; what happens when an online class is holding by 12 noon at Harvard when a student somewhere in South East Asia supposed to be sleeping?
-For now, American consulates around the world have suspended visa issuance. This poses a serious challenge to foreign students who were just freshly admitted into American universities and will student visas before they can be on campus for the autumn semester. Now, the saddest part is that any student who does not resume along with the other students, will not be allowed to resume later.
-Meanwhile, Nigerian students hoping to return to the US for their studies would have to grapple with immigration uncertainties mentioned above, along with foreign exchange troubles. Recall that even though the Central Bank of Nigeria announced that it has resumed the sale of dollars to Nigerian students studying abroad, the exchange rate for naira against the dollar remains high. And this is a major challenge to any student who will need to pay the high tuition fees of American universities.
COVID-19 Update in Nigeria
On the 6th of July 2020, 575 new confirmed cases and 9 deaths were recorded in Nigeria bringing the total confirmed cases recorded in the country to 29,286.
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continue to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 29,286 confirmed cases.
On the 6th of July 2020, 575 new confirmed cases and 9 deaths were recorded in Nigeria, having carried out a total daily test of 1,831 samples across the country.
To date, 29,286 cases have been confirmed, 11,828 cases have been discharged and 654 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 152,952 tests have been carried out as of July 6th, 2020 compared to 151,121 tests a day earlier.
COVID-19 Case Updates- 6th July 2020
- Total Number of Cases – 29,286
- Total Number Discharged – 11,828
- Total Deaths – 654
- Total Tests Carried out – 152,952
According to the NCDC, the 575 new cases were reported from 20 states- Lagos (123), FCT (100), Delta (58), Edo (52), Ogun (42), Katsina (24), Bayelsa (23), Rivers (22), Borno (19), Plateau (18), Ondo (18), Oyo (17), Kwara (15), Osun (13), Enugu (9), Nasarawa (7), Abia (6), Cross River (5), Kaduna (3), Ekiti (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 11,367, followed by Abuja (2,281), Oyo (1,530), Edo (1,435), Delta (1,285), Kano (1,268), Rivers (1,205), Ogun (1,047), Kaduna (868), Katsina (628), Borno (547), Gombe (520), Bauchi (516), Ebonyi (503), Ondo (474), Plateau (454), Abia (391), Enugu (381), Imo (352), Jigawa (318).
Kwara state has recorded 284 cases, Bayelsa (268), Nasarawa (232), Osun (178), Sokoto (153), Niger (122), Akwa Ibom (112), Adamawa (99), Benue (97), Kebbi (84), Zamfara (76), Anambra (73), Yobe (61), Ekiti (45), Taraba (22), while Kogi state has recorded 5 cases.
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020.
|Date||Confirmed case||New cases||Total deaths||New deaths||Total recovery||Active cases||Critical cases|
|July 6, 2020||29286||575||654||9||11828||16804||7|
|July 5, 2020||28711||544||645||11||11665||16401||7|
|July 4, 2020||28167||603||634||6||11462||16071||7|
|July 3, 2020||27564||454||628||12||11069||15867||7|
|July 2, 2020||27110||626||616||13||10801||15693||7|
|July 1, 2020||26484||790||603||13||10152||15729||7|
|June 30, 2020||25694||561||590||17||9746||15358||7|
|June 29, 2020||25133||566||573||8||9402||15158||7|
|June 28, 2020||24867||490||565||7||9007||14995||7|
|June 27, 2020||24077||779||558||4||8625||14894||7|
|June 26, 2020||23298||684||554||5||8253||14491||7|
|June 25, 2020||22614||594||549||7||7822||14243||7|
|June 24, 2020||22020||649||542||9||7613||13865||7|
|June 23, 2020||21371||452||533||8||7338||13500||7|
|June 22, 2020||20919||675||525||7||7109||13285||7|
|June 21, 2020||20242||436||518||12||6879||12847||7|
|June 20, 2020||19808||661||506||19||6718||12584||7|
|June 19, 2020||19147||667||487||12||6581||12079||7|
|June 18, 2020||18480||745||475||6||6307||11698||7|
|June 17, 2020||17735||587||469||14||5967||11299||7|
|June 16, 2020||17148||490||455||31||5623||11070||7|
|June 15, 2020||16658||573||424||4||5349||10885||7|
|June 14, 2020||16085||403||420||13||5220||10445||7|
|June 13, 2020||15682||501||407||8||5101||10174||7|
|June 12, 2020||15181||627||399||12||4891||9891||7|
|June 11, 2020||14554||681||387||5||4494||9673||7|
|June 10, 2020||13873||409||382||17||4351||9140||7|
|June 9, 2020||13464||663||365||4||4206||8893||7|
|June 8, 2020||12801||315||361||7||4040||8400||7|
|June 7, 2020||12486||260||354||12||3959||8173||7|
|June 6, 2020||12233||389||342||9||3826||8065||7|
|June 5, 2020||11844||328||333||10||3696||7815||7|
|June 4, 2020||11516||350||323||8||3535||7646||7|
|June 3, 2020||11166||348||315||1||3329||7522||7|
|June 2, 2020||10819||241||314||15||3239||7266||7|
|June 1, 2020||10578||416||299||12||3122||7157||9|
|May 31, 2020||10162||307||287||14||3007||6868||7|
|May 30, 2020||9855||553||273||12||2856||6726||7|
|May 29, 2020||9302||387||261||2||2697||6344||7|
|May 28, 2020||8915||182||259||5||2592||6064||7|
|May 27, 2020||8733||389||254||5||2501||5978||7|
|May 26, 2020||8344||276||249||16||2385||5710||7|
|May 25, 2020||8068||229||233||7||2311||5524||7|
|May 24, 2020||7839||313||226||5||2263||5360||7|
|May 23, 2020||7526||265||221||0||2174||5131||7|
|May 22, 2020||7261||245||221||10||2007||5033||7|
|May 21, 2020||7016||339||211||11||1907||4898||7|
|May 20, 2020||6677||284||200||8||1840||4637||7|
|May 19, 2020||6401||226||192||1||1734||4475||7|
|May 18, 2020||6175||216||191||9||1644||4340||7|
|May 17, 2020||5959||388||182||6||1594||4183||7|
|May 16, 2020||5621||176||176||5||1472||3973||7|
|May 15, 2020||5445||288||171||3||1320||3954||4|
|May 14, 2020||5162||193||168||3||1180||3815||4|
|May 13, 2020||4971||184||164||6||1070||3737||4|
|May 12, 2020||4787||146||158||6||959||3670||4|
|May 11, 2020||4641||242||152||10||902||3589||4|
|May 10, 2020||4399||248||142||17||778||3479||4|
|May 9, 2020||4151||239||127||11||745||3278||4|
|May 8, 2020||3912||386||118||10||679||3115||4|
|May 7, 2020||3526||381||108||4||601||2818||4|
|May 6, 2020||3145||195||104||5||534||2507||1|
|May 5, 2020||2950||148||99||5||481||2370||4|
|May 4, 2020||2802||245||94||6||417||2291||2|
|May 3, 2020||2558||170||88||2||400||2070||2|
|May 2, 2020||2388||220||86||17||351||1952||2|
|May 1, 2020||2170||238||69||10||351||1751||2|
|April 30, 2020||1932||204||59||7||317||1556||2|
|April 29, 2020||1728||196||52||7||307||1369||2|
|April 28, 2020||1532||195||45||4||255||1232||2|
|April 27, 2020||1337||64||41||0||255||994||2|
|April 26, 2020||1273||91||41||5||239||994||2|
|April 25, 2020||1182||87||36||3||222||925||2|
|April 24, 2020||1095||114||33||1||208||855||2|
|April 23, 2020||981||108||32||3||197||753||2|
|April 22, 2020||873||91||29||3||197||648||2|
|April 21, 2020||782||117||26||3||197||560||2|
|April 20, 2020||665||38||23||1||188||466||2|
|April 19, 2020||627||86||22||2||170||436||2|
|April 18, 2020||541||48||20||2||166||356||2|
|April 17, 2020||493||51||18||4||159||317||2|
|April 16, 2020||442||35||13||1||152||277||2|
|April 15, 2020||407||34||12||1||128||267||2|
|April 14, 2020||373||30||11||1||99||263||2|
|April 13, 2020||343||20||10||0||91||242||2|
|April 12, 2020||323||5||10||0||85||228||2|
|April 11, 2020||318||13||10||3||70||238||2|
|April 10, 2020||305||17||7||0||58||240||2|
|April 9, 2020||288||14||7||1||51||230||2|
|April 8, 2020||274||22||6||0||44||226||2|
|April 7, 2020||254||16||6||1||44||204||2|
|April 6, 2020||238||6||5||0||35||198||2|
|April 5, 2020||232||18||5||1||33||194||2|
|April 4, 2020||214||5||4||0||25||185||0|
|April 3, 2020||209||25||4||2||25||180||0|
|April 2, 2020||184||10||2||0||20||162||0|
|April 1, 2020||174||35||2||0||9||163||0|
|March 31, 2020||139||8||2||0||9||128||0|
|March 30, 2020||131||20||2||1||8||121||0|
|March 29, 2020||111||22||1||0||3||107||0|
|March 28, 2020||89||19||1||0||3||85||0|
|March 27, 2020||70||5||1||0||3||66||0|
|March 26, 2020||65||14||1||0||2||62||0|
|March 25, 2020||51||7||1||0||2||48||0|
|March 24, 2020||44||4||1||0||2||41||0|
|March 23, 2020||40||10||1||1||2||37||0|
|March 22, 2020||30||8||0||0||2||28||0|
|March 21, 2020||22||10||0||0||1||21||0|
|March 20, 2020||12||4||0||0||1||11||0|
|March 19, 2020||8||0||0||0||1||7||0|
|March 18, 2020||8||5||0||0||1||7||0|
|March 17, 2020||3||1||0||0||0||3||0|
|March 16, 2020||2||0||0||0||0||2||0|
|March 15, 2020||2||0||0||0||0||2||0|
|March 14, 2020||2||0||0||0||0||2||0|
|March 13, 2020||2||0||0||0||0||2||0|
|March 12, 2020||2||0||0||0||0||2||0|
|March 11, 2020||2||0||0||0||0||2||0|
|March 10, 2020||2||0||0||0||0||2||0|
|March 9, 2020||2||1||0||0||0||2||0|
|March 8, 2020||1||0||0||0||0||1||0|
|March 7, 2020||1||0||0||0||0||1||0|
|March 6, 2020||1||0||0||0||0||1||0|
|March 5, 2020||1||0||0||0||0||1||0|
|March 4, 2020||1||0||0||0||0||1||0|
|March 3, 2020||1||0||0||0||0||1||0|
|March 2, 2020||1||0||0||0||0||1||0|
|March 1, 2020||1||0||0||0||0||1||0|
|February 29, 2020||1||0||0||0||0||1||0|
|February 28, 2020||1||1||0||0||0||1||0|