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Mr Eazi Reveals Shocking Loss: Lost N19m in Diesel Deal at 19, Calls It a Painful Lesson

September 23, 2025

Nigerian music star and entrepreneur, Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a costly business mistake in his teenage years that nearly shattered his entrepreneurial spirit.

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In a recent podcast interview shared on X, Mr Eazi recounted losing approximately N19 million in a failed diesel supply deal at the age of 19.

He revealed that he had borrowed the funds from his uncle, a medical doctor, and his wife in Nigeria to finance what appeared to be a promising investment at the time.

According to him, the plan was to purchase diesel and supply it to clients, including telecom giant MTN.

Mr Eazi stated that like many young entrepreneurs then, he relied on agents at Lagos’ Apapa port to source the product, since direct access to tank farms required bulk allocations.

However, he recounted that trouble began when the government unexpectedly deregulated fuel prices, a move that caused diesel prices to crash, leaving him and his partners with stock that quickly lost value.

The funds remained stuck for months, and the anticipated MTN deal eventually 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.

“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 said.

While the loss was devastating, Mr Eazi said the setback turned out to be a defining lesson, describing it as the experience that shaped his resilience and sharpened his mindset for future ventures.

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

The singer, who has since built a career as both a global Afrobeats sensation and a successful investor, said the episode remains a reminder of how failure can become the foundation for lasting success.