Dr. Cosmas Maduka, founder of Coscharis Group, has criticized the rising culture of extravagance and materialism in Nigeria.
He condemned the idea that wealth should be displayed through wasteful spending, contrasting it with successful businessmen like Tony Elumelu and Femi Otedola, who maintain discretion and humility in their lifestyles.
Maduka described the obsession with flashy living as a “dead value system” that encourages recklessness and distorts the moral compass of younger generations. He stressed that genuine wealth is quiet, disciplined, and purpose-driven, rather than loud and wasteful.
“True prosperity should inspire humility, not arrogance. The normalization of extravagant lifestyles undermines hard work, responsibility, and integrity,” he said, urging Nigerians—especially the youth—to resist the influence of social media trends that promote vanity and instant gratification.
“I have never heard Tony Elumelu say ‘money na water.’ I have never heard Femi Otedola say it. And I’ve never said it myself. When I attend a function and people start throwing money in the air, I quietly walk away. This madness must stop,” Maduka added.
He concluded, “When we were growing up, wealthy people didn’t make noise. Those making noise today never earned real money. We are passing a dangerous culture to our children. That’s not how to build a value-driven society.”
No wealthy man talks about “Money na water”.
– Chief Cosmos Maduka (Coscharis). pic.twitter.com/TZi0q5jxbE
— Pharaoh👳🏾♂️👑 (@MrMekzy_) October 13, 2025
