Episode 22 - Rising from Bean Cakes to BMWs with Cosmas Maduka
How does someone go from selling bean cakes in the streets of Nigeria to building one of the largest companies in the country?
In the case of Dr. Cosmas Maduka, it takes an encouraging mother, a strong wife, and a lifetime of faithful confidence in a God who helps him persevere.
Dr. Maduka is a Nigerian businessman and philanthropist who began his entrepreneurial journey at the age of six, two years after the death of his father. He dropped out of primary school and started hawking Akara, a popular Nigerian food staple to help support his family before joining his uncle’s automotive business as an apprentice.
After years of setbacks and trials, Dr. Maduka founded Coscharis Motors in 1977, a leading distributor of luxury cars in Lagos. Today, that company is part of the larger Coscharis Group, which includes companies in several different industries.
Tune in to hear Dr. Maduka’s inspiring story of heartbreak, challenges, and faithfulness.
Episode Transcript
Transcription is done by an AI software. While technology is an incredible tool to automate this process, there will be misspellings and typos that might accompany it. Please keep that in mind as you work through it.
Reuben Coulter: Cosmas. We're delighted to have you on the show today. It's such a privilege Ndidi has told us great things about you. And so we're really keen to learn more about your journey as a Faith Driven Entrepreneur in Nigeria. So maybe for those of us who don't know all of your story, can you give us a little bit of a background, the highlights of who is Cosmas and what journey has God had you on over the past decades?
Cosmas Maduka: Okay, I'm going to make it very simple. I'm trying the best I can to share this testimony because with all of modesty. I believe my story is very compelling. Anywhere in the world, you know, it's just like there has never been anything like it. It sounds incredible. Just absolutely incredible. What do you say? A humble beginnings. Because I lost my father when I was four years. By virtue of that, my mother became a single parent, you know. So I was the second in the family. They had four children in succession. I had a senior brother and other two siblings, a boy and a girl that is behind me. My mother was a devoted Catholic woman who really pray five times in a day. She never missed a morning mass, but the best I knew of my father was a day in the house was like a festival. There was masquerade different people will come in and in the generation that raised me, we come from you know what you can poverty has a level but I'm from acute poverty really really poor you know the grain you call rice we used to eat it only on a Christmas day during festival, so is like a delicacy is wasn't available. One of the memories I remember about my father's death was that particular day people were kind to me in extraordinary way. Later in life I get to find out that that was my father's funeral. That was the best I knew of my father I recall it the day of his burial. But this wonderful, strong woman, you know, really very courageous at the tender age of five, she see me directly to my eyes and said two words to me, she said, believe in God, and believe in yourself. And she gave me an assurance that I would go places in life and that people like me and that I am likable fellow. And it's difficult for people to say no to me. So. I grew up with optimism. It wasn't long. Then Nigeria's civil war broke out. It was worse. Those days, people did not farm because of civil war and there was starvation in the land, we ate everything that moved, everything that crawled, it was a matter of survival. We live in a house where the airplane will come and drop bombs. And there was a bunker in the front of our house, once the airplane came. We ran into the bunker, you know, to get the protection we get some leaves to put in top of our roof because they will bomb every place, there was a shining something. So we live those kind of life every night. We are not sure whether we are going to see tomorrow. Soon after the Civil War. It was devastating rebuilding, I was under six, seven years when I became a breadwinner. I started join in my mother to work, I'll get to sell two of those big pan before my brother finished selling one because I live with that confidence I meet every [...] and say can you buy [...] from me the person, said is it by force? I said. No Mom tell me. Nobody says no to me. Now some of them start giggling. At the end of the day, they say, okay, can I have some? And that was how I sell so I grew confidence that I can sell. So my mother actually discovered my entrepreneurial capability. Then my uncle, my mother's junior brother brought me to Lagos, which is the biggest city in Nigeria, immediately after the war, to do apprenticeship for him. This apprenticeship is what I consider the best university any young man can go. It's an informal university, but it's where you are taught different things about business management. So I worked for my uncle for six years plus. I was turning 15. I met the Lord Jesus Christ and his saving grace. I make a commitment to the Lord before I begin the age of 15 years. And this was the best thing that ever happened to me as a human being, because it completely revolutionize my life. I had the cler sense of existence. It was clear to me who I am, where I came from, and where ultimately I am going. And before I turned 16 years, I wrote down. One of the things I wanted to accomplish in life was to get married before I turned 20. I wrote down that I wanted to have a son by 21. I wrote down that I want to own my own car by 23, and I wrote down that I want to be a millionaire by 25 years. I end my day with prayer and looking at all of those things and go to bed. So by 15 years my uncle had become a Christian. I'm very serious in my Christian beliefs and walk with God. I used to work for him in the village in one of our stall, and I was 15 years when we were having camp meeting, church camp meeting, we having three days fasting. And I stop the shop where I was to be working for him and I went to the camp meeting. Incidentally, he visited and notice that since monday to wednesday that our store is stopped and that was not attending to customer. So he called me that evening and I said, what has become of me? I told him, actually, I was in the church, I was praying for the business and I wanted this business to succeed. That this are new faith I find and that it was miracles in the things we are doing is okay is going to help me now so that I can go there and pray. So that those miracle will work for myself. I should see him that evening, my uncle, counted 200 naira and give me 200 naira at the exchange rate of naira to dollars that would be about about $316. So I asked my uncle, what do I do with this? He said whatever I want to do with it. I should do that. That's what they are. I said, Is this my stewardship for six years I work for you without salary and you are giving me this amount of money. He said please I shouldn't stop him that. I said this lady John helped me to grow the business and you go and use it. I looked up my uncle straight into his eyes. I said, Uncle, I served you well. This is very unexpected of you. I said, What you want me to do we are selling automotive components. We are not selling provisions. Usually this is a system I grew up on. Where you work for your uncle, your nephew, any of your relation? It's our welfare system where I am from. You don't earn money, he grow you and fed you. He should tread at the expiration of five or six years. There's no contractual agreement. But as he feels please, he will set you up. One is that he gives you capital to get their stall or you get their stall for you, put merchandise on it and give you some capital to start. So I told my uncle. Where do I go from this. I can not take a cartoon of [...] and put it on my hand unlocked it like I'm selling [...] where do I go, you don't it set me up there's no store. He said whatever I want to do? So I look him straight into the eyes. I said, Uncle, God, [...] to show his might in the land of Egypt. I worked for you and I worked for you honestly and I tell him, you should be proud of me that I went to church because I didn't go to night club. I went to church for the progress of this business. But if this is what you do, listen to me. Five years from today, make a note of what I'm saying. If you heard who I am, your head would be spinning, my uncle [....] he moved when I made that statement. It's okay [...]. I know you have worked hard, I know you will succeed. I said thank you. That's all I wanted from you. So I left him, my senior brother and I team up together to form a company we call Maduka Brothers. Our surname are Maduka and we started working together. But it wasn't long. We also started to fall into an ideology. he has his own way of what he thinks should be right, how this thing should be done. But what do we bring? The common bond is the same principle of the Word of God. Usually I go to church with one naira. One naira is like $2, but $2 is a lot of money for us, for the capital we have, and he was not comfortable about it. So he questioned [...] me, that I can not be taken two naira of our capital and I confronted him. I said, [...] your drink alcohol and I know what a bottle of beer cost, I drank Coca-Cola or any other soft drink. So the one naira offering I made the charge to compensate for the beer. You're drunk, he said. No, no, no, it's not what this confrontation let us part away. So when senior brother eventually separated from me, that was when things started happening. Those drinks and business I have begin to manifest.
Ndidi Nwuneli: Thank you so much, Dr. Maduka. You've shared so much about positive confessions, having a clear vision, having a heart for God, having a commitment to your faith, being equally yoked. So many great and profound lessons. So thank you. So Forbes basically has called you the man who turned $1 into $550 million. Today you have a conglomerate and Coscharis is a household name in auto, in construction, in ICT, in agriculture and the list continues. Can you just give us a few highlights of what God has done through you in these industries and what has been the motivation around the growth, given that you achieved all those targets so early in life?
Cosmas Maduka: The motivation was very simple that God wanted to prove to my generation that what is important is to go back to the principle and the basis. Matthew 6:33 seek you first the kingdom of God and his righteousness all of this other things will be added on to you. I didn't believe God because I wanted God to give me money. Like most of the things we see happening in our generation today is the sense of gospel of [...] what you get out of it. I was not a user of God. I was a believer of God. I believe God with all my heart, and I wanted to serve him and worship him. I believe he's going to bless me. But it wasn't my first motivation. my first motivation was I wanted to have a relationship. I wanted an intimacy. I want to know Jesus Christ and his saving grace in his risen authority. And God started blessing me. And that's why even [....] Nigeria, it will never made me to be different from who I am today. Quite a lot of people have asked me, why do I keep cool-headed? That- they've come around me, they never even notice that there was anything about me in terms of, you know, financial success. I told them, it's simple. I am a Christian who become wealthy. I'm not a wealthy man who became a Christian. And some people have said, what is the difference? I said, well, my Christian value confessing everything I do. My success is secondary. But a wealthy man who become a Christian tolerate all that [...] and condescend to speak to them and, you know, so he can't live in a communion life, there are level he can get in talking to people. He talks to them like, you know, [...] when we have to relate with some of the people. But that's that's not me. I love anybody that is a child of God. Yes. It has its own problem. People make so much requests and demands for you because [...], you are accessible. And so what? That's the truth. Because these are people who I'm going to share in eternity on the other side of the river, so if I can't relate with them here then I cannot talk with them in that level. So my motivation was that God never left himself without the witness [.DELETE..] And therefore I am holding everything God entrusted to me in trust, knowing it is not mine, that I am more diligent. Trust somebody owns it. So, I am a steward and I'm going to be called to give an account of everything that God has put in my hand.
Ndidi Nwuneli: I love that a Christian who God blessed with wealth for his good work on Earth. Now you're a wife and you charity and customers. Coscharis builds what is considered an empire today, and there are some very valuable lessons around humility, stewardship and discipline that both of you created as the foundation for your business. As you reflect on her legacy and her impact on your business. Can you share some one or two key insights and lessons from that experience?
Cosmas Maduka: My wife brought a lot of [...]. It was hard for a lot of people to work with their spouse in the office, but both of us share one office worked together, grew the business until we get to a point where we say ok. This business is growing? Okay, you take full responsibility of this aspect of business. Let me take full responsibility on this aspect of the business. Until her dead, she was the vice president of Coscharis group, but she ran Coscharis property as the CEO, she runs Coscharis villages as the CEO. So these are two business of us that she report to the board manages herself with some other employees on that. I remember she sat in the board of the Coscharis group until September 27 last year. I missed Charity for many reasons. Coscharis you know her forthrightness you know where she is standing on every mather, she lead through with no doubt her position. If she agreed, you would know, she agreed, she threw herself into it. That was one unique thing about my wife that I missed and I will continue to miss, because when it is so tough she can look me straight to defense and tell me, some hard truth no other person would tell me, I'm believeing in you, to make my final decision? But somebody told me the truth and decision would be mine. There are some businesses I went into that [...] and that just simply because I didn't listen to her. You know, everyone, of course are gifted in a different way, It is a problem that some of us may not very [...]. You know, my wife [...] . I listen to all because we claim to be the head of the family. It makes us like we are top of the pyramid. No, we had means we had the foundation. We are on the ground so many times we should not compete with our wives, you know, because our wives are like the pillar of the building. The walls of the building, the wall, get crack. Nobody care, [...] you need to bring that building down. I started building it again. So this principles, I learn them from the Bible and it was not difficult for me and my wife running a business. We are not competing. We are complementing each other and we did it successfully. We have disagreements in the board, but we live better than we have ever. Because we are husband and wife. So we found the secret to separate, office work and our home relationship. And that's why we work together for 40 something years with no issue.
Reuben Coulter: Amazing. Amazing. Thank you for sharing that. It's just so beautiful to hear of the partnership between husband and wife that works well and lasts, of course, for so long. So many relationships today don't last long. I'd love to ask a little bit about you grew from essentially a small partnership into a global conglomerate. And of course, this key to that has to be around and governance and good leadership. So can you just describe that scale journey of how you kind of built the governance institutions that last? Many of us think small we kind of want to run everything ourselves. How did you change your mindset to trust others to grow?
Cosmas Maduka: This is really where your skill assignment to really come on the scale. If you are a mess and you are not a good mess and by laying it straight to wall, well, when you need to make a collar, if you can make that corner successfully, that's where your skill comes. It was easy for me to know my limitations. A lot of people don't want to ask 78 invitations. That's one of the greatest undoing for young people from my area who created wealth but never quit institution. Because you can have all the money in the world, you know, or drive. Bruce Price on the full gamut. You never create an organization. The vision was clear. What I wanted to do from day one was to build an institution that will be timeless in it. Let me see. And value. But at inception where I do not have corporate thought. I was the managing and damaging director on the agenda, the CEO, the general manager, the accountant, because I couldn't hurry up. It would depend on what I knew. For me to really move to another office, I can't continue with that. And I step in the business the same way I was brought up getting some boys to do apprenticeship. What is innovation? Immigration is the biggest one for people. Innovation is finding a new way to do deals in a better way. Different from what you have been told. This decision that brought me on the scene was a system where you get that bar work for you for six years, but it's done is the moment you get the capital, you become your number one competitor, pick your customers and use this system as good as it is. I have the best set, of course, at that. I said to them, I said, No more. Now we hire employees. If any of you, boy, want to stay, let them stay. As a partner, we make a big cake and everybody can take a final minute because my idea was to create an institution. So I went patriots on these guys, some of them, we agreed to join me. The most difficult thing to do is to Saudi officials to build that bombing desire and you want to make it deliver academic to believe in that. And by the my biggest goal I thought my vision successfully to those elite employees and they walked into it and they said they have help me to refine it. What do we need to do? We started putting structures, governance systems and processes in place that will take us to another level of competition and the world. It committed gap between the people that I was working with because there was so much gulf, because the guys felt what if minute we built this company wasn't going place? So that was how we migrated from just being a one man thread that then we institutional a board, get people who do not have share in the company but can move me straight into my eyes and tell me what decision you are making is wrong. Ian by role BMW could not have talked to us if we had. Trade does not affect us. If we are trained as Ford Motor Company, we're not up to our people. We are trained us because we have to get in front shall of God this company if we are not doing the right thing and they didn't see the great system of processes in place, they will not be talking to us. But you know, I had told and get some guys from broken industry get some of them from oil company of top level to join our company and they have to put this system on a negative place. And I think these are not idiots. If you don't know what you are doing, these guys will know what you are up to do. But we have really created an institution where I took a business that is very much only greater as Shoreditch to where people can come in and really make a carry out and, you know, be successful in life, you know, and it was a model. I've been fired, my generation that quite a number of people begin to migrate and begin to analyze the business. So that's the skill you have. All it is still without their formal education. That's why I said my story is competitive anywhere in the world and you can make a movie are confident it will sell everywhere because this story from glass to grit and from glass to riches. So that is the story, of course.
Reuben Coulter: It's amazing. We're looking forward to the movie when it comes out when Nollywood features to you. So one question I have is servant leadership is is really at your hearts and I know I've heard stories that you preach on the streets and you clean at your church, that you do the humble tasks. So I'd love to hear how do you transmit that value in your company for these incredible employees that you're bringing on board? Presumably you want them to be successful and over time that can lead to pride. How do you help them maintain a humble heart.
Cosmas Maduka: If this is the culture, is not just is that culture in our organization that comes from us going fast, we must come down. I drive forklift in my company and so I grew from glass. I used to issue invoice. I remember one time I sold goods to a customer and, you know, went to the warehouse. I'm bringing something very well. He didn't know I was the owner of the company and he gave me a tip on 500 matter and I back down to get my back. But I told the. It wasn't bribing me. It was customer satisfaction. It was happy because of the way I got my pension and they didn't get me because I served him well. And if you sap well, you will be rewarded. One of the things I keep on telling my employees, I said a lot of people make mistakes, mostly in money. When you pursue money. Money running away from you. The only way to get money is to find a gap in service and fill that gap. When you feel that double your reward, this money, your opportunities is more when you sell. So you'll see the value of service that service need to confess. I read in the Bible in the Book of Matthew, I find it also in the Book of John, Jesus, you know, servant, leader, servant relationship. Jesus had a campaign, one day. Towards the evening, it was getting late. He wanted the people to sit down, come to his campaign to eat. And tell the disciples to get them to eat. And they all say nothing to give him. Jesus said, you too complain. Get whatever you have, brought it, he showed it to God and prayed over it. It taught me delegation when he handed those two bread to his disciples. He wasn't going there to give it to everybody, so that everybody could see, he does a miracle that... multiplied food. But he let the disciple have it. So I learned delegation from the scripture. But for you to really make any way in the life you take a back seat, and protect your people and let them feel important. I want to count them at that. Count in them. It taught me a lot that in financial management, let them out in the West, that many of us Christians, where we have our greatest on dealing, is our lack of financial management. We do everything by faith and mismanage our resources. Divorce the son of God, the creator of the water. He took two pieces of bread, 5000 without counting. The women said, Pick the crop on the ground. What is he going to do with those pieces that was on the ground? But let not in. The West said, you know, you will have a go at managing resources knowing that resources is the great temple is not in plentiful supply and by that is not. So you got to really keep an eye on how you deploy all of those things. I learned all of this from the Lord, you know, because let's look at who is the greatest businessman on the Fortune 500 company I see lending the servant leadership of Jesus Christ. How did this man created an institution 2000 years ago, died? That pump never gone down. He continued to grow because he said, I must be about my father's business. And many people make me sick. To know that Jesus was a businessman is in a business of seven, so I'm going to share into my life 21 The point I am making is that this very true institution that I've been 2000 years ago, that I get the client on a daily basis, I am one of dozens of. I subscribe to his company and that company started growing. So I learn from him how to manage things. If you didn't know how you felt about 24/7 about love it, just like you lose it. But anyone who did this life. For the death of the Kingdom of God will find it in this world and in the what they are. So these are values that are sure in them, in my heart, that with which I run the institution, Holocaust charities, that makes us unique and successfully where we are fantastic.
Ndidi Nwuneli: These principles are timeless and we are learning so much from your wealth of experience. So thank you so much, sir. Just two quick questions before we round up. You've said that you've come to find out who you really are when you are crossroads. And I know you've been through quite a bit over the last few years. What have you learned about yourself in these times of difficulty?
Cosmas Maduka: Let me put it this way. You never know who you are until you see what you can do. And the best view comes out at your most desperate suggestion. Here with bridge integrity, one of the most kickass commodity in Nigeria and a good business model. You need to look for it because if you want to make money and really excel, you need to first cast commodity chains that are not easily available that people do not find. In my country, integrity is not. Since you this threat, this very scarce global auditing integrity in terms of financial management, what you'll see with somebody and you see, I didn't have any phone call. I'm not a prison economist. Oh, I'm on my way now. Just wait for me in the less than 2 minutes I I'm on are you are listening to hear me as some people will never knew that this is how they felt. My business says when I hear you make this kind of demand. I just showed up on my show and I said, This guy wants to do business with me, is sit by me telling Americans and that is fine, don't want to drop in and after 15 or 20 minutes they talk to me was severe so I let me start greeting from the principal of the Bible and I how deep that to my heart and I preach integrity all my life. But you will never believe anything until nothing is subjected to test. You can only assume that is what you believe. In 2011, my belief about my safety and integrity was subjected to a test. I've taken a young man to the bank and convinced the bank to lend him money because the bank believes in me. I put on a negative pledge because of me. The Bank of Belgium the first time was about $3 million to import some product. The second was 4 to $6 million. You bet. All in timely. We did it five times. It came with that. Don't miss that total of $186 million and we wouldn't be let out of credit and it fell off on the bank that the liability. As far as the bank is concerned my little one's not in the business. Why I broke out by this business and they wanted me to sign that. I take that obligation. We had a board meeting and this matter was tabled before the board and the board said This matter is very stressful. Of course, Charlie's never learned money from banks. Our name never appeared anywhere. We never signed anything. We can not jeopardize the existence of Coscharis for a bad business of the bank. Morally, you are obligated to have to push this guy to appear. But we cannot take the liability. And that was the mission. And they. Then I have to chubbuck ask myself some tough questions. And the question is that would Bank have spoken to this guy without me? What bank is giving him money without me? The answer I have within my conscious is no. I knew that for the first time in my life my integrity is being subjected to test because I can walk away from that transaction. Is that what I guess my lawyer. You have nothing to prove to said. I default you. Of course you say that. I can assure you. What is that about? Moral issue. I called the managing director of the bank. I said simply, before you send me a sandwich, and I got from that event and I jump on five times. I scream. I say, I want, I want. So when did you become a gambler? What did you win? What was all of this? I want I said, I signed that paper. She screamed. I said, You sign. I said, Yes, I sign. I'm not. I have it because of you may not know what this is. This money was about to 20 billion naira but generate interest of 300 million on a monthly basis. In my account and the bank was on my a little bit. It was one of the toughest moments in my life. But I showed some of the I said I have been one of the financial institution in Nigeria to underwrite that obligation. I moved on with my life. What I was so proud of myself. I was so happy. And now I believe I'm not just don't believe that I'm a man of integrity and reality integrity. Ms.. Marsh To me, that's one of the reason why I said, you really don't know who you are until you see what you can do. Everything you think you believe in. And just as I'm sure wait until is subjected for death. And then we see the theme of what you are claiming. With that you're just doing what you are. And that stood out for me. I didn't say it for anybody to know, but if you ask the bankers today, if I did everybody tell you if there's one person, you can make money and go, well, my sleep is the and I walk with all my business on open accounts and that means you have unlimited resources. It doesn't come easy, you come with a good price. But I say.
Ndidi Nwuneli: That is an exceptional story and probably the first type of story like that on this podcast that you assume somebody else's debt and completely paid it off with no legal obligations, it reflected Christs. And you made an ultimate sacrifice. So thank you. Thank you for inspiring us and challenging our faith today. I'll hand it over to Reuben to close us out.
Reuben Coulter: Yeah. It's been such a privilege to hear your story and to be challenged by your journey. So thank you. And before we wrap, we love to ask our guests, where does God have you at the moment? What is his words speaking to? It might be this week or in this season, as we just love to hear the thing that he's been speaking to your hearts.
Cosmas Maduka: Thank you, Reuben. Recently I've been studying 2 Peter 1:3 is about the virtue of Christ. It's about, you know, letting those virtue work through us. God in His divine grace and mercy, invited you myself to be a part taker of His Divine nature, to share in the life of Jesus Christ. And the Bible said in defense, Be in Your Honor. what I do see is seven characters, seven nature of God. Faith is a gift of God. Faith is not what I am, not what you earn. Because the Bible made it very clear and said to your faith add virtue and bible said by faith are you saved through grace. It is the gift of God, lest anyone boast so faith comes as a gift, the insight to open your eyes, to see things and the Word of God. But you don't stop here. You begin to build to your faith a virtue, to your virtue knowledge, to your knowledge temperance, to your temperance godliness to your godliness brotherly kindness, to your brotherly kindness, charity. And see if this case being you are my beau. If you can cut, I would be below me at this virtues in you and the Holy Spirit is lead to commencement teach you become a God man walking on two feet in the street of Lagos. This is what God has been dealing with my heart most recently to come to a place of total brokenness. Where, the risen power of Jesus Christ Jesus. People who never read their Bible would look at me. And see Bible living every day. That's my ultimate desire in my journey to manifest Christ for my own generation.
Reuben Coulter: Amen. Amen. So many of us want to be God's like we want all his powers and tributes, but actually he calls us to be like God. So thank you for that words. And yeah, it's been a privilege having you on this podcast, so thank you so much and we look forward to meeting you one day. In Nigeria.
Cosmas Maduka: That would be great.
Ndidi Nwuneli: Thank you, Dr. Maduka, for inspiring us today. Thank you for challenging our faith and thank you for being such an amazing apostle in the marketplace and for all the good work you do for God's Kingdom. May God continue to bless and keep you and may His faith continue to shine upon you and your family. God bless you.
Cosmas Maduka: Thank you so much. It's an honor and a real privilege to be with you. Thank you.
