I LOST N19M IN DIESEL INVESTMENT AT 19 – MR EAZI
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By Sunmisola Shodayo
Nigerian musical icon and entrepreneur, Oluwatosin Ajibade, widely recognized as Mr Eazi, has disclosed how a business blunder during his adolescence cost him millions of naira and nearly hindered his entrepreneurial spirit.
In a recent podcast interview shared on X, the ‘Legalize’ artist reminisced about losing approximately N19 million in a failed diesel supply agreement when he was just 19 years old.
He elaborated that he had borrowed funds from his uncle, a physician, and his wife in Nigeria to support the undertaking, which at the time appeared to be a sound investment.
He outlined that the strategy involved purchasing diesel and distributing it to clients, including the telecom behemoth MTN.
Mr Eazi remarked that, like numerous young entrepreneurs at that time, he depended on intermediaries at Lagos’ Apapa port to procure the product, as direct access to tank farms required substantial allocations.
However, he recounted that difficulties arose when the government unexpectedly deregulated fuel prices, an action that precipitated a plunge in diesel prices, leaving him and his partners with inventory that rapidly diminished in value.
The capital remained immobilized for several months, and the anticipated MTN contract ultimately fell apart.
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“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.
“Everything looked legit backed by an established company, I was convinced I could sell it. 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,” he remarked.
Although the loss was disheartening, Mr Eazi stated that the setback ultimately became a pivotal lesson, characterizing it as the experience that fortified his resilience and honed his mindset for future endeavors.
“It was a painful failure, but it toughened me up for the journey ahead,” he added.
The artist, who has since cultivated a career as a global Afrobeats phenomenon and a prosperous investor, noted that the incident serves as a reminder of how failure can lay the groundwork for enduring success.
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