Nigerian music star and businessman, Oluwatosin Ajibade, popularly known as Mr Eazi, has revealed how he lost N19 million in a failed diesel investment at just 19 years old.
Speaking during a recent podcast interview shared on X, the Legalize crooner recounted how his lack of business experience cost him millions in his teenage years.
He explained that he had borrowed money from his uncle, a medical doctor, and his wife in Nigeria to fund the venture, which at the time appeared to be a secure and lucrative deal. According to him, the plan was to purchase diesel and supply it to clients, including telecom giant MTN.
Mr Eazi revealed that, like many young entrepreneurs at the time, he had relied on agents at Lagos’ Apapa port to source diesel, since direct access to tank farms required bulk allocations. However, the business soon collapsed after the government deregulated fuel prices, causing diesel prices to plummet.
The sharp decline left him and his partners with stock that lost value almost overnight. With funds trapped for months and the MTN deal falling through, the young investor was forced to sell at a loss.
“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 recalled.
“Everything looked legit, backed by an established company. 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.”
Although the experience was painful, Mr Eazi said it became a defining lesson that shaped his resilience and sharpened his mindset for future ventures.
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“It was a painful failure, but it toughened me up for the journey ahead,” he added.
Today, the singer has grown into both a global Afrobeats sensation and a successful investor, noting that the setback remains a reminder of how failure can lay the foundation for lasting success.