I’ve never heard any wealthy person say ”Money na Water”’— Cosmas Maduka

By Maureen Aguta

Billionaire industrialist and Chairman of Coscharis Group, Dr. Cosmas Maduka, has condemned the growing culture of flamboyance and reckless display of wealth at Nigerian social events, describing it as a dangerous erosion of societal values.

In a viral video circulating online, Maduka criticised the popular phrase “money na water” — often used to justify extravagance — saying it reflects a troubling shift away from discipline, hard work, and integrity.

“I’ve never heard Tony Elumelu or Femi Otedola say ‘money na water,’ and I’ve never said it myself,” Maduka stated. “When I attend an event and people start throwing money in the air, I quietly walk away. This madness must stop.”

The renowned entrepreneur lamented what he called a “dead value system,” warning that the glorification of wasteful spending misleads the younger generation and undermines the true essence of wealth.

“When we were growing up, rich people didn’t make noise. All these people making noise today never made real money,” he said. “We’ve embraced a deadly culture and are now passing it on to our children. That’s not how to build a value-driven society.”

Maduka emphasised that genuine affluence is reflected in modesty and humility, not ostentation, urging Nigerians to restore dignity, prudence, and moral responsibility in their pursuit of success.

“Real money inspires humility, not arrogance,” he added.

His comments have since sparked wide-ranging debate across social media, reigniting discussions about the growing culture of showiness among Nigeria’s elite and its impact on national values.