Nigerian Afrobeats star and businessman, Oluwatosin Ajibade, better known as Mr Eazi, has opened up about a painful financial setback in his youth, revealing how a collapsed diesel supply deal cost him millions of naira and almost derailed his entrepreneurial ambitions.
Speaking on a recent podcast interview shared on X, the “Legalize” hitmaker reflected on the incident that occurred when he was just 19 years old. At the time, the budding entrepreneur had borrowed ₦19 million from his uncle, a medical doctor, and his wife in Nigeria to finance what appeared to be a promising venture—purchasing diesel for onward supply to major clients, including telecom giant MTN.
According to Mr Eazi, the deal seemed airtight. With direct access to tank farms restricted, he relied on agents at Lagos’ Apapa port, a common practice among young traders then. Confident in his abilities, he assured his uncle that the investment was secure and profitable.
However, his optimism quickly crumbled when the government suddenly deregulated fuel prices, causing diesel prices to plummet. The move wiped out the profitability of the deal, leaving Mr Eazi and his partners stuck with devalued stock. Months later, the anticipated MTN supply contract collapsed, compounding the losses.
Recalling the aftermath, he described the moment he had to inform his uncle that the family’s life savings had disappeared as one of the most difficult experiences of his life. “I was too confident.
Everything looked legit and I believed I could sell it. But after deregulation, we had to sell the diesel at a loss. Explaining to my uncle that his savings were gone was one of the hardest things I’ve ever done,” he admitted.
While the blow was devastating, Mr Eazi revealed that the experience ultimately became a turning point. Rather than quit, he used the failure as a lesson in resilience and adaptability. “It was a painful failure, but it toughened me up for the journey ahead,” he said.
Now an international music star and investor, Mr Eazi said the ordeal remains a constant reminder that failure, though bitter, can be the bedrock of lasting success.
WHAT YOU SHOULD KNOW
Mr Eazi’s teenage business failure, which cost him ₦19 million, became a defining lesson that built his resilience and shaped his success as both a global music star and entrepreneur.
