Chairman of Coscharis Group, Dr. Cosmas Maduka, has been awarded the Honorary Fellowship and Award of Credit Using Entrepreneur by the National Institute of Credit Administration (NICA) in recognition of his outstanding business leadership.
The prestigious award was in recognition of Maduka’s role in fostering credit-based business success, as well as his contributions to business and economic development in Nigeria.
The award was presented to Maduka during a courtesy visit by NICA at Coscharis factory in Maza-Maza, Lagos, earlier in the week. The delegation visit was led by vice president of the NICA Governing Council, who represented NICA Governing Council President, Andy Ojei.
Others included in the delegation are Prof. Chris Onalo, registrar/CEO of NICA; Eunice Oghomwen Sampson, council member; Dr. Mojisola Opebiyi, vice chairman of the Establishment Committee; Abiodun Jayson Ajiola, rapporteur general, Membership & Subscription Committee; and Franklin Onoben, NICA staff.
Dr. Maduka, in his remarks, recalled his longstanding acquaintance with Prof. Onalo, spanning over two decades while applauding the NICA registrar/CEO’s resilience and vision, noting that NICA’s growth, its chartered status, and recognition by the government are a testament to his unwavering dedication.
Accepting the award with deep appreciation, Dr. Maduka expressed his gratitude and acknowledged the instrumental role credit has played in the operations of the Coscharis Group over the decades. He pledged to subscribe as a member of the institute, underscoring the vital importance of credit in business sustainability.
He went on to share a thought-provoking message, advising young entrepreneurs not to focus solely on cash but to understand that money is merely an exchange of value. According to him, true wealth is built on credibility, credible relationships, integrity, character, and competence, elements that underpin sustainable financial success. “If anyone has cash without these fundamental pillars, it is as good as stolen wealth,” he stated.
Commending NICA’s efforts, Dr. Maduka emphasised that credit is the pathway to economic expansion, particularly in Nigeria, where the middle class has been significantly eroded. He noted that in thriving economies, individuals live on credit and focus on managing their credit lines.
Additionally, Prof. Onalo introduced the upcoming Nigerian Credit Economic Forum, which has been developed in collaboration with the Office of the Vice President. This forum, he said, aims to convene key stakeholders to discuss the future of credit in Nigeria.
In concluding remarks, the vice president made an appeal to Dr. Maduka for support towards NICA’s headquarters building project and office supplies, including computers and utility vehicles.
