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In a recent discussion that stirred conversations across the business world, Nigerian entrepreneur Dr. Cosmos Maduka sparked intrigue by stating that Africa’s richest man, Aliko Dangote, is also the country’s top debtor.
Maduka made the revelation while addressing the importance of loans and financial leverage in building wealth.
He emphasized that major global and local economies are deeply rooted in the use of credit, citing the United States the world’s largest economy as the biggest debtor globally.
Drawing a parallel, he noted that despite Dangote's enormous wealth, his financial empire is significantly built on credit.
Maduka advised individuals to embrace loans as a strategic financial tool, but with caution. According to him, people should not borrow beyond 20% of their income to maintain financial stability and avoid falling into unmanageable debt.
He highlighted the significance of having a solid financial structure that can support and justify borrowing.
His comments triggered a wave of reactions online. Some social media users reflected on the culture of borrowing in Nigeria, especially among small business owners who struggle to repay bank loans.
Others criticized the harsh economic realities that make even small-scale borrowing appear extreme, while a few praised Maduka’s insights, distinguishing him from mere motivational speakers.
The conversation underscores a broader truth in the business world: that credit, when properly managed, is not a sign of weakness but a strategic asset.
As Maduka pointed out, some of the world’s most successful individuals and nations thrive on well-managed debt.
His remarks offer a reality check on how financial leverage is used by both the powerful and the aspiring in their pursuit of prosperity.
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