Billionaire businessman and founder of the Coscharis Group, Cosmas Maduka, has condemned the increasing public display of wealth by young Nigerians, saying it is a sign of moral decay.
Maduka, a serial entrepreneur, described the trend as disturbing and a hallmark of poor upbringing.
The businessman said money earned through the dint of hard work and genuine business is not displayed in extravagance and noise.
The billionaire said those who openly display their material acquisitions to convince the public that they have arrived have not made “real money”.
Maduka opined that the culture of spraying money at social events and adulating those who do are sending the wrong message to younger generations.
He called for discouragement of such practices and encouragement of discipline, dignity, and hard work.
Maduka said all hands must be on deck to ensure that the traditional values of modesty and integrity are not sacrificed on the altar of obscene celebration of wealth.
According to him, the mindset of the up-and-coming generation has been tainted by the celebration of excess and vanity all around them.
Maduka said, “Show me any wealthy man who has talked about ’money na water. ‘ I’ve never heard Tony Elumelu say ‘money na water,’ I’ve never heard Femi Otedola say it, and I’ve never said it myself”.
He added that when he attended any function, and they started to show ‘that madness of throwing money on people’, he would just excuse himself as if he was going to the toilet and leave the gathering.
“You will not see me again”, he said, adding that these are bad cultures and value systems that could ruin society.
He said when he was young, the rich people of his time never made noise, adding that those making noise today are not really rich.
