Nigerian singer Tosin Ajibade, popularly known as Mr Eazi, has opened up about a major setback early in his business journey.
The singer revealed that he lost ₦19 million in a failed diesel supply deal when he was just 19 years old.
In an interview shared on social media, he revealed that he borrowed money from his uncle, who is a doctor, and his wife in Nigeria to start the venture.
His plan was to buy diesel and supply it, believing he could sell it successfully.
The project seemed reliable, supported by a well-known company, and many others were investing in similar deals at the time.
The team tried to buy diesel through agents at Apapa port in Lagos, as direct purchase from tank farms required bulk allocation.
These agents charged a small premium to facilitate the transaction.
However, a sudden government deregulation of fuel prices caused diesel costs to drop just as they made the purchase.
The money remained tied up for about three months, and the planned supply deal with MTN collapsed.
Eventually, the diesel had to be sold at a loss, resulting in the loss of his uncle’s life savings.
The experience was devastating for all involved.
Despite the financial loss, Mr Eazi said the incident became a crucial lesson in entrepreneurship.
The failure, although painful, helped him build the mindset and resilience needed to succeed in business later.
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