Nigerian music star and entrepreneur Oluwatosin Ajibade, popularly known as Mr Eazi, has opened up about a costly business mistake from his teenage years that nearly derailed his entrepreneurial journey.
Speaking on a recent podcast shared on X, the Legalize crooner revealed that at just 19, he lost about N19 million in a collapsed diesel supply venture. The funds, borrowed from his uncle and his wife in Nigeria, were intended to finance what seemed like a secure deal to supply fuel to corporate clients, including telecom giant MTN.
Mr Eazi explained that like many young dealers at the time, he relied on agents at Lagos’ Apapa port to access diesel, since direct allocation from tank farms required bulk permits. But when the government suddenly deregulated fuel prices, diesel costs plunged, leaving him and his partners with devalued stock they could only sell at a loss.
“Explaining to my uncle that his life savings were gone was one of the hardest moments. He was devastated,” the singer recalled, describing the fallout as a painful but life-altering experience.
Despite the setback, Mr Eazi said the failed venture toughened him for the future, shaping his resilience and mindset as both an artist and investor. Today, he credits that early failure with teaching him how to turn adversity into strength.
“It was a painful failure, but it toughened me up for the journey ahead,” he said.
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