Nigerian Afrobeats star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a failed business venture in his teenage years
The business cost him millions of naira and nearly shook his entrepreneurial spirit.
In a recent podcast interview shared on X, the Legalize hitmaker revealed that he lost about ₦19 million at just 19 years old after a diesel supply deal collapsed.
According to him, the business plan looked promising at the time.
Also, he borrowed money from his uncle, a medical doctor, and his wife to fund the venture.
He intended to supply diesel to major clients, including telecom giant MTN.
Like most young entrepreneurs then, Mr Eazi depended on agents at Lagos’ Apapa port to source diesel, since access to tank farms required bulk allocations.
However, trouble struck when the government abruptly deregulated fuel prices.
This caused a drastic crash in diesel prices, leaving him and his partners stuck with stock that rapidly lost value.
“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 so confident; I told them MTN was going to pay us. Everything looked legitimate, but after deregulation, we had to sell at a loss. Explaining to my uncle that his life savings were gone was heartbreaking,” he recounted.
The anticipated MTN deal never materialised, and the funds remained stuck for months, leading to a devastating financial loss.
Despite the setback, Mr Eazi described the experience as a turning point that toughened him up for the future.
“It was a painful failure, but it shaped my resilience and sharpened my mindset for bigger ventures ahead,” he said.
Today, Mr Eazi stands as both a global Afrobeats sensation and a successful investor.
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He proves that early failures can serve as the foundation for long-term success.
