Media Team
Afrobeats star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a costly business misstep that saw him lose ₦19 million in a diesel investment during his teens.
Reflecting on the ordeal, he admitted his youthful inexperience in business led to the financial setback.
During a recent podcast interview posted on X, the ‘Leg Over’ hitmaker shared how a failed diesel supply deal at age 19 wiped out his investment.
He revealed that he secured funds from his uncle, a medical practitioner, and his wife in Nigeria, banking on what initially appeared to be a foolproof business opportunity.
The strategy involved procuring diesel and distributing it to corporate clients, including telecommunications behemoth MTN.
Mr Eazi explained that, like many young traders at the time, he depended on intermediaries at Apapa Port to source diesel, as direct access to major fuel depots demanded large-scale purchases.
The crisis unfolded when the government suddenly removed fuel subsidies, triggering a sharp decline in diesel prices, leaving him with devalued inventory.
His capital remained trapped for months, and the anticipated contract with MTN ultimately collapsed.
“At 19, I convinced my uncle and his wife to invest their savings. I was so sure—MTN would pay, and I believed I could close any deal. It all seemed airtight, backed by a reputable company.”
“But after the price deregulation, we had to sell at a massive loss. Telling my uncle his life savings vanished was one of the toughest conversations I’ve ever had,” he confessed.
Despite the crushing blow, Mr Eazi credited this failure as a pivotal moment that strengthened his resolve and business acumen for future endeavors.
“That loss was brutal, but it forged the resilience I needed to push forward,” he reflected.
Today, as a celebrated artist and astute investor, he acknowledges the invaluable lesson that failure can lay the groundwork for triumph.
