Coscharis Group boss, Cosmas Maduka gets NICA’s Fellowship Award
L-R: Vice President, National Institute of Credit Administration (NICA), Dr. Markie Idowu; Chairman of Coscharis Group, Dr. Cosmas Maduka; and Registrar/CEO of NICA, Prof. Chris Onalo, during presentation of Fellowship Award to Maduka
Abdullateef Fowewe
In a remarkable recognition of his outstanding business leadership, the 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).
This 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, on Tuesday.
The high-profile delegation visit was led by Dr. Markie Idowu, FICA, Vice President of the NICA Governing Council, who represented NICA Governing Council President, Mr. Andy Ojei, FICA.
Others included in the delegation are Prof. Chris Onalo, FICA, Registrar/CEO of NICA; Mrs. Eunice OghomwenSampson, FICA, Council Member; Dr. Mrs. Mojisola Opebiyi, FICA, Vice Chairman of the Establishment Committee; Mr. Abiodun Jayson Ajiola, MICA, 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. He praised 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. “We cannot grow as a nation until we unlock the credit economy,” he asserted, predicting that a time will come when NICA will be the standard for certifying individual and business creditworthiness in Nigeria.
Idowu elaborated on the institute’s key initiatives, including its advocacy for a Social Security Number-style credit system, collaboration with credit rating agencies, and efforts to institutionalise credit management education at undergraduate and postgraduate levels in Nigerian universities. Additionally, Prof. Onalo introduced the upcoming Nigerian Credit Economic Forum, which is being developed in collaboration with the Office of the Vice President. This forum 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. She encouraged him to contribute in a manner he finds convenient, whether through direct donations or repurposing used equipment or vehicles.
NICA remains steadfast in its mission to institutionalise and regulate credit management in Nigeria, working towards a robust and structured credit economy
