The Chairman of Coscharis Group, Dr Cosmas Maduka, has received the Honorary Fellowship and Award of Credit Using Entrepreneur from the National Institute of Credit Administration (NICA).
The award recognises Maduka’s outstanding business leadership, promotion of credit-based success and contributions to Nigeria’s economic development.
The award was presented during a courtesy visit to Coscharis’ factory in Maza-Maza, Lagos, on Thursday.
The delegation was led by Dr Markie Idowu, Vice President of NICA’s Governing Council, representing the Council’s President, Mr Andy Ojei.
Other attendees included Prof. Chris Onalo, Mrs. Eunice Oghomwen Sampson, Dr. Mojisola Opebiyi, Mr. Abiodun Jayson Ajiola and other council members.
In his remarks, Maduka reflected on his decades-long relationship with Onalo and commended his resilience and vision for NICA’s growth.
He highlighted NICA’s government recognition and chartered status as proof of Onalo’s dedication to credit administration in Nigeria.
Accepting the award, Maduka expressed gratitude and emphasised the crucial role credit has played in Coscharis Group’s operations over the years.
He pledged to join the institute, stressing that credit is essential for sustainable business success.
He advised young entrepreneurs to focus on credibility, relationships and integrity rather than relying solely on cash.
According to him, financial success is built on character, competence and ethical business practices.
“If anyone has cash without these fundamental pillars, it is as good as stolen wealth,” he said.
Maduka commended NICA’s advocacy, stating that credit is key to Nigeria’s economic expansion, particularly as the middle-class declines.
He noted that in thriving economies, people rely on credit and focus on managing their credit lines responsibly.
“We cannot grow as a nation until we unlock the credit economy,” he said.
He predicted that NICA would eventually become the standard for assessing creditworthiness in Nigeria.
On his part, the Vice President of NICA’s Governing Council elaborated on NICA’s key initiatives, including advocating for a social security number-style credit system.
Idowu highlighted partnerships with credit rating agencies and efforts to integrate credit management education into universities.
She urged Maduka to support NICA’s headquarters project through direct donations or by repurposing used equipment and vehicles.
Also, Onalo introduced the upcoming Nigerian Credit Economic Forum, developed in collaboration with the Office of the Vice President.
He said the forum would bring stakeholders together to discuss the future of credit in Nigeria.
Onalo reaffirmed NICA’s commitment to institutionalising and regulating credit management, aiming for a structured credit economy.
