Afrobeats singer and businessman, Mr Eazi, has opened up on one of his early struggles in business, revealing how he lost N19 million in a failed diesel supply deal when he was just 19 years old.
The music star, who has always described himself as an entrepreneur before music, shared the story in an interview that surfaced on social media on Monday.
According to him, he borrowed the money from his uncle, a doctor, and his wife in Nigeria. He explained that the money was meant to fund a diesel supply business that he was confident would succeed.
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“In 2011, 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. I’m a salesman, I can sell anything.’ Everything looked real, it was backed by a known company, and many people were investing like this,” he said.
Mr Eazi further narrated how the business ran into problems. He said they needed to buy the diesel through agents at Apapa port in Lagos because they could not purchase directly from the tank farm without bulk allocation.
“You have to rely on agents who add a small fee to help you get the product,” he explained.
However, things quickly went wrong. He said the government announced deregulation of fuel prices just as they concluded the deal. Prices crashed, the money got trapped for about three months, and their supply arrangement with MTN collapsed.
“Eventually, we had to sell the diesel at a loss. When we went to my friend OC’s father to explain, it was very sad. We had lost his life savings, and he was heartbroken.
“The failed venture left us all shocked, but for me it was a turning point,” he said.
