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| Dr. Cosmas Maduka, President, Coscharis Group |
“I could not have done that and I could have as well
exempted myself from the transaction because there was no documented evidence.
My family and colleagues at work also advised me against signing it because
they were aware of the huge implication it will have on the conglomerate. After
sometimes, I reflected on it again and decided to pay the money instead of entering
into the obligation.
“It was tough, but I was relived and I saw it as a test
which I won. I used to own 25% of Access Bank, but I had to sell all my shares
in the bank to pay the debt. I thank God that I am out of it now, but the most
important thing is that I did not lose my integrity.” ~
Dr. Cosmas Maduka
The assertion above was made by
the President of Coscharis Group, Dr.
Cosmas Maduka. This was published on page 46 of Top 10 CEOs 2018. Dr.
Maduka, a holder of an honorary doctorate degree from the University of Nigeria
Nsukka, accentuated the risk in accepting to stand as a guarantor to a loan
being granted to a friend, no matter how close the friend is to you.
He had to sell off his shares in
Access Bank just to service part of the loan that his friend took that went
bad. Imagine paying the sum of $180 million. If we may ask, who is that friend
of his that landed him in that mess?
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