Nigerian singer and entrepreneur, Mr Eazi, has opened up about one of his earliest business setbacks, revealing how he lost ₦19 million in a failed diesel supply deal as a teenager.
The artist, who was just 19 at the time, said he convinced his uncle, a doctor, and his wife to invest their painstakingly saved funds—then worth about £40,000—into a venture to supply diesel to MTN.
According to him, the deal was legitimate and supported by proper documentation and bulk allocation agents at Apapa port. But when the government deregulated fuel prices, the market crashed, stalling the deal for three months. By the time the diesel was released, the MTN contract had collapsed.
“Our money was stuck for about three months. By the time the diesel was released, the MTN contract was gone. We had to sell below cost and lost everything,” Mr Eazi said.
Looking back, he described himself as a natural salesman who believed strongly in the project, but admitted the painful loss became one of his earliest and most defining business lessons.
