Mr Eazi Reveals How He Lost ₦19m in a Failed Diesel Business at Age 19

Nigerian singer and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about one of his earliest and most painful business experiences. Long before he rose to fame as a global music star, Eazi was an ambitious teenager eager to make his mark in the world of business. At just 19 years old, he managed to convince his uncle, a medical doctor, and his wife to invest a whopping ₦19 million into his diesel supply venture.

According to the singer, the business idea was straightforward but promising. The plan was to buy diesel through legitimate channels and supply it directly to MTN, one of Nigeria’s leading telecommunications companies. With the necessary documents and approvals in place, and with the backing of bulk allocation agents at the Apapa port, Mr Eazi believed he had secured a fail-proof opportunity.

He described himself at the time as a “natural salesman” who strongly believed in his project. With such confidence, he persuaded his uncle and aunt to risk their life savings on the venture, trusting that it would yield significant returns for all involved.

The Collapse of a Dream

Unfortunately, the reality turned out differently. Just as the business was set to take off, the government deregulated fuel prices, triggering an unexpected collapse in the market. This sudden policy change left Eazi and his partners stranded, as the diesel they had paid for was trapped in storage for months. By the time it was eventually released, the MTN contract that formed the backbone of the venture had already expired.

The consequences were devastating. Mr Eazi explained that the diesel had to be sold at below-market rates, leading to a complete wipeout of their ₦19 million investment. “Our money was stuck for about three months. By the time the diesel was released, the MTN contract was gone. We had to sell below cost and lost everything,” he recounted.

For his uncle and aunt, the loss was particularly painful. The ₦19 million, which was worth about £40,000 at the time, represented years of careful savings. For young Mr Eazi, the failed project was more than just a financial loss; it was an early reminder of the risks and unpredictability of the business world.

Lessons That Shaped His Future

Looking back on the experience, Mr Eazi admits that the failed diesel venture taught him one of the biggest lessons of his life. Despite losing such a huge amount at a young age, he said the ordeal helped shape his resilience and sharpen his understanding of risk in business. Instead of quitting, he carried the lessons forward into other ventures, eventually finding success in both music and entrepreneurship.

Today, Mr Eazi is not only recognized as a pioneer of the “Banku Music” sound but also as a savvy investor with interests in technology, art, and creative businesses across Africa. Reflecting on his teenage setback, he noted that failure is often an inevitable part of growth and that it can serve as the foundation for future success when approached with the right mindset.

For many of his fans, the revelation underscores the importance of persistence, self-belief, and the courage to rise after setbacks. Mr Eazi’s story serves as a reminder that even the most accomplished individuals often have stories of failure that shaped their journey to success.