Nigerian music star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a major financial loss he suffered as a teenager, which nearly crushed his entrepreneurial spirit.
Speaking during a podcast interview shared on X, the Legalize crooner recalled losing about N19 million in a collapsed diesel supply deal when he was just 19 years old.
According to him, he had borrowed money from his uncle, a medical doctor, and his wife to fund what appeared to be a lucrative investment, purchasing diesel for supply to clients, including telecom giant MTN.
However, things went sour when the government suddenly deregulated fuel prices, leading to a sharp crash in diesel prices. The move left him and his partners with stock that rapidly lost value, while the much-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,” he narrated.
“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.”
Despite the setback, Mr Eazi described the experience as a turning point that shaped his resilience and sharpened his business acumen.
“It was a painful failure, but it toughened me up for the journey ahead,” he said.
