September 23, 2025-Published by Cyril

Nigerian Afrobeats star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has shared how a failed business venture in his teenage years cost him a whopping ₦19 million and almost crushed his entrepreneurial spirit.

Speaking in a recent podcast interview shared on X, the “Legalize” crooner recalled how he lost the money in a collapsed diesel supply deal when he was just 19 years old.

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According to Mr Eazi, he had borrowed heavily from his uncle, a medical doctor, and his wife in Nigeria to finance what seemed like a secure venture. The plan was to purchase diesel and supply it to top clients, including telecom giant MTN.

Like many young entrepreneurs at the time, he relied on agents at Lagos’ Apapa Port to source the product, since direct access to tank farms required large-scale allocations.

However, his plan suffered a major blow when the government suddenly deregulated fuel prices, causing diesel costs to plummet. The product lost significant value, leaving him and his partners stranded with trapped funds.

• “When I was about 19 or 20, I borrowed money from my uncle and his wife. I was too confident—I told them MTN is going to pay us. 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,” Mr Eazi said.

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The anticipated MTN contract eventually collapsed, leaving him to bear the weight of his failed promise and his uncle’s shattered savings.

Despite the devastating loss, Mr Eazi described the episode as a turning point that shaped his resilience and sharpened his entrepreneurial mindset.

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

Today, Mr Eazi has not only risen as a global Afrobeats sensation but also built a reputation as a successful investor and business strategist. He said the experience remains a constant reminder that failure can become the foundation for lasting success.

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