Mr Eazi Reveals How a Failed Diesel Deal at 19 Cost Him ₦19m and Shaped His Resilience

Afrobeats star and entrepreneur Mr Eazi has opened up about a painful business loss in his teenage years that almost shattered his entrepreneurial spirit.

The singer, born Oluwatosin Ajibade, recalled how at 19 he lost around ₦19 million in a failed diesel supply venture — money borrowed from his uncle and aunt, who had trusted him with their life savings.

Speaking on a recent podcast, Mr Eazi explained that the plan was to purchase diesel through agents at Lagos’ Apapa port and supply it to major clients, including telecom giant MTN. At the time, the deal looked secure, and he was convinced of success.

But government deregulation of fuel prices triggered a sudden market crash, forcing him to sell at a heavy loss. The anticipated MTN deal collapsed, and the funds remained stuck for months.

“Everything looked legit, backed by an established company. I was too confident, I told them MTN was going to pay us. 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,” he said.

Though devastating, the setback became a turning point. Mr Eazi said the failure toughened him and sharpened his mindset for future ventures.

“It was a painful failure, but it toughened me up for the journey ahead,” he added.

Today, the Legalize crooner is not only a global music star but also a successful investor, using the hard lessons of his youth as fuel for lasting success.