Nigerian singer and entrepreneur Oluwatosin Ajibade, better known as Mr Eazi, has shared how a failed business deal nearly derailed his drive.
In a recent podcast interview, he revealed that at 19, he lost about N19 million in a collapsed diesel supply venture. To fund the deal, he borrowed money from his uncle and his wife, both based in Nigeria, believing the investment was safe.
Mr Eazi said the experience was a heavy setback but also shaped his resilience and approach to business, teaching him lessons he carries into his career today.
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.
Source: Dklassgh.com
