Businessman Dr. Cosmos Maduka has shared an interesting perspective on debt and wealth, stating that Aliko Dangote, Africa’s wealthiest man, is Nigeria’s biggest debtor
He highlighted that often, the richest individuals and nations are also the biggest borrowers, using credit to fuel their growth.
Maduka advised leveraging loans strategically, but cautioned against borrowing more than 20% of one’s income, emphasizing the importance of having a solid financial structure to support debt repayment.
He said: “The number one debtor in Nigeria is Aliko Dangote. He’s the wealthiest man in Africa. The number one debtor in the world is the United States of America and you call them the richest in the world. As you admire all of those things, it’s all credit. It’s all about credit. So you should leverage on loan, but you have to have a good structure that will support that loan.”
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