Two of Nigeria’s leading business moguls, founder of the Coscharis Group, Dr. Cosmas Maduka and a renowned investor, Dr. Stephen Akintayo have opened up on their entrepreneurial journeys, the challenges of doing business in Nigeria, and the role of integrity in wealth creation.
Speaking on this week’s edition of the Mic On Podcast with Seun Okinbaloye, both billionaires shared insights from their co-authored book, “Scaling Your Business with Integrity,” while reflecting on their experiences from different generational perspectives. Dr. Maduka, recalling his own journey emphasized the value of apprenticeship as an alternative to formal education. He also revealed that after working for his uncle for six years, he was given just N200, far below the N20,000 needed to start a business at the time.
“As an individual, I strongly advocate apprenticeships. It is another university of its kind in the world. He gave me N200 and told me to do whatever I like with it.”
On his part, Dr. Akintayo narrated how he struggled to secure a job after graduation, despite printing “100 CVs” and offering to work for free. He credited his breakthrough to mastering sales and being persistent.
“The university system robbed us of the mindset that no job is beneath a graduate. I started with bulk SMS business and pasting posters. What helped me was that I mastered the art of selling and being shameless at it.”
Meanwhile, both entrepreneurs expressed deep concerns about Nigeria’s economic climate, particularly the absence of a structured credit system for rent, housing, and the overall cost of living. Dr. Akintayo highlighted how government policies discourage private sector investment, arguing further that the government’s approach to governance has fostered corruption.
“If most landlords were to receive rent monthly, most tenants wouldn’t be able to pay because we don’t have a credit system. An average person cannot survive in Nigeria without stealing. The Nigeria of today is structured to encourage corruption.”
Despite the challenges, while Dr. Maduka remained optimistic about Nigeria’s future, urging young entrepreneurs to focus on delivering value rather than chasing money, Dr. Akintayo also echoed this sentiment, emphasizing that leveraging integrity and the internet is the key to scaling businesses in today’s economy.
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