Nigerian singer Tosin Ajibade, popularly known as Mr Eazi, has opened up about a major setback early in his business journey.
Naija News reports that the singer revealed that he lost ₦19 million in a failed diesel supply deal when he was just 19 years old.
In an interview shared on social media, he revealed that he borrowed money from his uncle, who is a doctor, and his wife in Nigeria to start the venture.
His plan was to buy diesel and supply it, believing he could sell it successfully.
The project seemed reliable, supported by a well-known company, and many others were investing in similar deals at the time.
The team tried to buy diesel through agents at Apapa port in Lagos, as direct purchase from tank farms required bulk allocation.
These agents charged a small premium to facilitate the transaction.
However, a sudden government deregulation of fuel prices caused diesel costs to drop just as they made the purchase.
The money remained tied up for about three months, and the planned supply deal with MTN collapsed.
Eventually, the diesel had to be sold at a loss, resulting in the loss of his uncle’s life savings.
The experience was devastating for all involved.
Despite the financial loss, Mr Eazi said the incident became a crucial lesson in entrepreneurship.
The failure, although painful, helped him build the mindset and resilience needed to succeed in business later.
He said: “When I was about 19 or 20, I started a business. I borrowed money from my uncle, who was a doctor, and his wife in Nigeria. The plan was to buy diesel so I could supply too. I was confident-I told them, ‘MTN is going to pay us, bro. I’m a salesman. I can sell anything.’ Everything seemed legit, backed by an established company, and a lot of people invest money like this.
“You can’t buy directly from the tank farm unless you have bulk allocation, so you rely on agents who charge a small premium to make the purchase for you.
“Eventually, we had to sell the diesel at a loss. When we went to OC’s dad to explain, it was a terrible moment-we had lost his life savings, and he was devastated.
“The failed venture left them in shock, but the experience, according to him, was a turning point.”
© 2025 Naija News, a division of Polance Media Inc. Contact us via [email protected]
