Nigerian singer and entrepreneur Tosin Ajibade, better known as Mr Eazi, has opened up about a painful business mistake he made in his teenage years. At just 19, he lost ₦19 million in a failed diesel supply venture that shook his family and became a turning point in his life.

During a recent interview, Mr Eazi explained that he borrowed money from his uncle, a medical doctor, and his wife in Nigeria. Driven by confidence and ambition, he believed he could buy diesel and supply it successfully. He even assured them that the deal involved MTN, and that he had the skills to sell anything.

Backed by what seemed like a reputable company and an investment trend many were following at the time, he and his team moved forward. Since direct purchase from tank farms required bulk allocation, they turned to agents at the Apapa port who charged a premium to facilitate the deal.

However, just after they secured the diesel, the Nigerian government deregulated fuel prices. This caused a sudden drop in diesel costs, trapping their investment for three months. When the supply deal with MTN fell apart, they had no choice but to sell at a heavy loss.

The outcome devastated everyone involved. Mr Eazi’s uncle lost his life savings, and the family had to face the painful reality of financial loss.

Although the experience deeply hurt Mr Eazi and his loved ones, he now views it as a crucial lesson in entrepreneurship.

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