"The Number One Debtor in Nigeria is Aliko Dangote ... What You’re Admiring is All Credit" - Dr. Cosmos Maduka Speaks on Smart Loan
By: Israel Adeleke
OPEN TELEVISION NAIJA (OTN) News reports that renowned entrepreneur and founder of Coscharis Group, Dr. Cosmos Maduka, has sparked debate after naming the Africa’s richest man, Aliko Dangote, as Nigeria's biggest debtor and the United State of America, (USA), as the world biggest debtor.
OTN News further reports that the entrepreneur, who said this in a recent discussion centered on financial literacy and entrepreneurship, emphasized the role of loans in building wealth, pointing out that some of the world’s richest individuals and nations rely heavily on credit.
According to him, “The number one debtor in Nigeria is Aliko Dangote. He’s also the wealthiest man in Africa."
“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.” he said.
Subsequently, Maduka, while advocating the strategic use of loans, 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.
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