Cosmas Maduka, the founder of the Coscharis Group and one of Nigeria’s most respected entrepreneurs, is estimated to be worth around $500 million. Yet his recent remarks on the growing “money na water” culture among young Nigerians have sparked online criticism and debate. Many of his detractors, particularly on social media, dismissed his views, telling him to “go and make money first” before commenting on the flamboyant lifestyles of their so-called Instagram billionaires.
Maduka’s warning, however, touches a deeper nerve about the moral and intellectual direction of contemporary society. He lamented that Nigeria has “succeeded in electing the worst of us into public offices and empowering the worse of us through social media.” The result, he argued, is a generation increasingly obsessed with appearance over substance, where discussions have declined to arguments over “whose fake iPhone is cheaper.”
Supporters of the social media elite often defend their extravagance by claiming it is part of their show business strategy—an image needed to attract brand deals or attention. Maduka’s concern, however, lies not in their self-promotion, but in the false sense of wealth and ease that such displays promote. Many of these influencers, he noted, are not nearly as liquid as they claim to be, while countless impressionable young people absorb these illusions and chase lifestyles far beyond their means.
The emptiness of this culture is visible in everyday interactions. The author recounts one such personal experience: after months without contact, he reached out to an acquaintance whose social media stories showed him at exclusive events, always dressed well and appearing to thrive. When asked about his business, the man admitted he was barely surviving and even requested a £500 gift. When the author declined, explaining that he could not afford such a gesture, the man insulted him as “stingy.” Ironically, it was the man’s younger sister—humble and focused on learning digital skills—who eventually received a laptop gift to help her build a real future.
This small story reflects a much larger problem. Nigeria remains a society where millions of young people are either unemployed or self-employed with barely ₦5 million or less in working capital. Yet rather than channel energy into productivity and innovation, many have embraced a shallow culture of pretense, driven by social media illusions of wealth.
If anything should “flow like water,” Maduka insists, it is not money—but opportunities, jobs, and accountability from top to bottom. Until that happens, the country will remain trapped in the paradox of a poor nation obsessed with the appearance of riches.
