Renowned entrepreneur and founder of Coscharis Group, Dr. Cosmos Maduka, has sparked conversation after naming Aliko Dangote, Africa’s richest man, as Nigeria’s biggest debtor.
In a recent discussion centered on financial literacy and entrepreneurship, Maduka emphasized the role of loans in building wealth, pointing out that some of the world’s richest individuals and nations rely heavily on credit.
“The number one debtor in Nigeria is Aliko Dangote. He’s also the wealthiest man in Africa,” Maduka said. “Globally, the number one debtor is the United States of America and yet they are regarded as the richest nation. What you’re admiring is all credit. It’s all about leveraging debt.”
While advocating the strategic use of loans, Maduka cautioned against excessive borrowing, advising that individuals should not take loans exceeding 20% of their income unless backed by a strong financial structure.
“Leverage on loans, but make sure you have the right structure to support repayment,” he added.
Social Media Reactions
The statement stirred various reactions online:
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@ifegadimma shared: “At the markets, people brag about taking large loans to start businesses, then wear themselves out trying to repay. Their idea of success feels like a joke.”
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@THE_CRAFT3R posted: “Imagine going to the bank to borrow N1,000. That’s how far gone the country is. Wildest thing I’ve heard this year.”
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@_Ekezie commented: “Only people who’ve built real wealth can speak at seminars and write books. The rest are either looters or glorified motivational speakers.”
The conversation has reignited debates around wealth, debt, and the financial strategies that drive major businesses in Nigeria.
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