Sunday, 7 April 2019

I USED TO OWN 25% OF ACCESS BANK, SAYS COSCHARIS GROUP BOSS, DR. COSMAS MADUKA

Dr. Cosmas Maduka, President, Coscharis Group
“This almost brought down my business empire, Coscharis Group, in 2011/2012. A bank granted a loan of nearly $300 million to a trusted friend whom I stood as a guarantor based on personal recognition. About $180 million of the loan went bad and the bank wanted me to sign a document that would have obligated me to the commitment.

“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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