Mr Eazi recalls losing millions in failed business deal at 19

Nigerian singer and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a major financial setback he suffered as a teenager.

During a podcast interview shared on X, the Legalize crooner revealed that he lost about N19 million in a collapsed diesel supply venture when he was just 19 years old.

Mr Eazi explained that he had borrowed money from his uncle, a medical doctor, and his wife to invest in the business, which involved purchasing diesel for supply to clients, including telecom giant MTN.

However, the government’s sudden deregulation of fuel prices caused diesel prices to crash, leaving him and his partners with stock that quickly lost value. The anticipated MTN deal also fell through.

“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 said.

“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.”

Despite the loss, Mr Eazi described the experience as a turning point that shaped his resilience and business outlook.

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