Mr. Eazi Recounts Losing ₦19m in Failed Diesel Supply Deal at Age 19
Kehinde Adeleye
Afrobeats star Mr. Eazi has revealed how he once lost a staggering ₦19 million in a failed business venture before breaking into the music industry.
Speaking on the 90s Baby Show podcast, the “Legalize” crooner recounted how, at just 19 years old, he ventured into the diesel supply business with high hopes of sealing a contract with telecommunications giant MTN.
According to him, the capital for the deal came from his uncle, a medical doctor, and his wife, who entrusted him with their life savings.
“I started this business and I took money from my uncle and his wife in Nigeria. The business failed. This guy gave a 19-year-old and a 20-year-old ₦19 million – money he had saved his entire career,” Eazi said.
The plan was to purchase diesel and resell it to MTN. But the venture quickly collapsed after the government removed fuel subsidy, causing a sharp fall in prices.
“After paying for the diesel, deregulation happened, subsidy was removed, and the prices crashed. Our money was stuck for about three months,” he explained.
By the time the product was finally released, MTN had moved on, forcing him to offload the diesel at a loss.
“By the time they gave us diesel, we didn’t have the MTN deal anymore, so we had to sell it for less than we bought it,” he added.
Though it ended in failure, Mr. Eazi described the experience as one of his earliest lessons in business — a chapter that preceded his later success as a globally acclaimed musician and investor.
