Afrobeats star and serial entrepreneur, Mr Eazi, has opened up on one of the toughest lessons of his youth, losing a whopping ₦19 million in a failed diesel business at just 19 years old.
The singer, who is now celebrated globally for his music and investments, revealed that long before the fame, he tried his hands at business.
He recalled raising funds from family members including his uncle, a medical doctor, and his wife in hopes of breaking into the oil and gas market by supplying diesel to telecommunications giant MTN.
According to him, the deal seemed airtight. His close friend’s father, popularly known as OC’s dad, believed in their vision so much that he handed over his entire life savings, worth about ₦19 million at the time equivalent to nearly £40,000.
With the capital in hand, young Eazi and his partners moved to Apapa port in Lagos, hoping to strike big. But fate had other plans. Just as they made the purchase, deregulation of fuel prices was announced, causing diesel prices to plummet overnight.
The timing was disastrous. Instead of cashing out, they were forced to sell at a huge loss, and the MTN supply opportunity slipped away forever.
“It was painful,” Eazi recounted, admitting that the loss was crushing, not just for him but for those who trusted him with their hard-earned money. “We had disappointed our investors, and there was no way of recovering the millions.”
Despite the heartbreak, he described the incident as a defining moment that shaped his entrepreneurial drive and resilience. Today, Mr Eazi runs multiple successful businesses alongside his music career, proving that the setback at 19 was only the beginning of a bigger journey.
