How this Nigerian entrepreneur turned $1 into a multi-million dollar business

Cosmos Maduka is a Nigerian entrepreneur and founder of Coscharis Group of Companies and the sole distributor of BMW in Nigeria. His entrepreneurial journey started as an automobile apprentice in his uncle’s shop.

A disagreement between him and his uncle saw him depart with a severance package of less than $1. Although the money was woefully inadequate, he used it as seed capital to start an automobile spare parts business.

“I was excited, and my excitement was definitely not because of the $0.45 (N200),” he told Business Insider. “My excitement was because of the ability to do with my life as I desired, starting from that day. 

“I was no more under anybody’s tutelage,” he added. “But I still looked my uncle in his face and reminded him that I served him well and I deserved something better than N200. I never stole from him. But if his mind was made up that that was how much he was settling me with, so be it. But I will excel nonetheless.”

What started as a hand-to-mouth business began to experience impressive growth, leading to the birth of Coscharis Motor in 1977. The name of his company is a combination of his first name “Cosmos” and his wife’s first name “Charity”. 

The rise of Maduka’s business did not happen without challenges. After running successfully for some years, the business began to struggle. But that challenge was a sign of bigger things to come.

Together with other 10 Nigerian businessmen, he got a license to import auto spare parts. It was in the course of his importation business that he came into contact with some Japanese businessmen who assisted him to expand his business.

Cosmos Charity has since grown into a conglomerate specializing in multiple business ventures. The company is into automobile sales and serving, auto spare parts and care, manufacturing, ICT, petrochemicals and agro-allied, according to Business Insider.

Even though his company is the sole distributor of BMW in Nigeria, he imports other luxury cars such as Ford, Range Rover, Jaguar, and so on. In 2015, the company was reportedly worth about half a billion dollars.

The business mogul holds an Honorary Doctor of Business Administration (PhD) from the University of Nigeria, Nsukka. He is an Alumnus of Harvard Business School (Executive Education Program). It is important to highlight that Maduka started his business as a school dropout due to financial difficulties. 

Maduka has also served on several boards, including CG-EKO LLP, First System Refinishes Ltd., CG Biostadt Limited, and Sixt Rentals, Nigeria. He also served as a Director of one of Nigeria’s leading banks, Access Bank Plc.