At Age 19, I Lost ₦19M In Diesel Investment – emPawa Africa music Boss Mr. Eazi Narrates

Nigerian music star and entrepreneur Mr. Eazi, born Oluwatosin Ajibade, has opened up about a business failure from his teenage years that cost him millions of naira and almost shattered his entrepreneurial dreams. In a recent podcast interview, the artist revealed that a failed business deal when he was just 19 years old resulted in a devastating loss of about N19 million.

The young businessman’s venture was a diesel supply business, which he had financed by borrowing money from his uncle, a medical doctor, and his wife. At the time, he saw the investment as a secure path to success, leveraging his connections to fund what he believed would be a profitable enterprise.

His business model involved working with agents at the Apapa port in Lagos to source diesel, which would then be supplied to various clients. The plan had a major target client: telecommunications giant, MTN, a deal that would have secured a significant return on his investment.

However, the venture took a dramatic turn for the worse. The Nigerian government unexpectedly deregulated fuel prices, causing the cost of diesel to crash almost overnight. This sudden market shift meant that the stock he had purchased lost a significant portion of its value, leaving him and his partners in a difficult position with their funds stuck for months.

Ultimately, the deal with MTN never came to fruition, and the business collapsed, leading to the substantial financial loss. This early misstep, while a difficult lesson, is a stark reminder of the risks involved in entrepreneurship and the challenges Mr. Eazi overcame on his path to becoming a global music star and business leader.

“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.

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