Nigerian music star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has revealed how a business misstep in his teenage years cost him millions of naira and almost crushed his entrepreneurial drive.
Speaking in a recent podcast interview shared on X, the ‘Legalize’ crooner recalled losing about N19 million in a collapsed diesel supply deal when he was 19.
He explained that he had borrowed money from his uncle, a medical doctor, and his wife in Nigeria to finance the venture, which at the time seemed like a secure investment.
According to him, the plan was to purchase diesel and supply it to clients, including telecom giant MTN.
Mr Eazi stated that like many young entrepreneurs then, he relied on agents at Lagos’ Apapa port to source the product, since direct access to tank farms required bulk allocations.
However, he recounted that trouble began when the government unexpectedly deregulated fuel prices, a move that caused diesel prices to crash, leaving him and his partners with stock that quickly lost value.
The funds remained stuck for months, and the anticipated MTN deal eventually fell through.
“When I was about 19 or 20, I borrowed money from my uncle and his wife. The idea was to buy diesel and supply it. I was too confident, I told them MTN is going to pay us, bro, I’m a salesman I can sell anything.
“Everything looked legit backed by an established company, I was convinced I could sell it. But after deregulation, we had to sell the diesel at a loss. Explaining to my uncle that his life savings were gone was one of the hardest moments,and he was devastated,” he said.
While the loss was devastating, Mr Eazi said the setback turned out to be a defining lesson, describing it as the experience that shaped his resilience and sharpened his mindset for future ventures.
“It was a painful failure, but it toughened me up for the journey ahead,” he added.
The singer, who has since built a career as both a global Afrobeats sensation and a successful investor, said the episode remains a reminder of how failure can become the foundation for lasting success.