Singer and entrepreneur Mr Eazi has shared a pivotal moment from his early business ventures, revealing how he lost N19 million in a failed diesel supply deal at just 19 years old.
Speaking in an interview shared on social media on Monday, Mr Eazi said he borrowed money from his uncle, a doctor and his wife in Nigeria to fund the business.
“When I was about 19 or 20, I started a business. I borrowed money from my uncle, who was a doctor, and his wife in Nigeria. The plan was to buy diesel so I could supply too. I was confident-I told them, ‘MTN is going to pay us, bro. I’m a salesman. I can sell anything.’ Everything seemed legit, backed by an established company, and a lot of people invest money like this,” he explained.
With the money in hand, they tried to secure diesel through agents at the Apapa port in Lagos. “You can’t buy directly from the tank farm unless you have bulk allocation, so you rely on agents who charge a small premium to make the purchase for you,” Mr Eazi said.
Unfortunately, government deregulation of fuel prices hit just as they made the purchase. Diesel prices crashed, their money was trapped for about three months and the MTN supply deal fell through. “Eventually, we had to sell the diesel at a loss. When we went to OC’s dad to explain, it was a terrible moment-we had lost his life savings, and he was devastated,” he recounted.
Despite the financial setback, Mr Eazi described the experience as a turning point that shaped his entrepreneurial mindset. “The failed venture left them in shock, but the experience, according to him, was a turning point,” he said.
