Singer and entrepreneur Mr Eazi has revealed that he once lost ₦19 million in a failed diesel business as a teenager.
The 33-year-old, speaking about his early struggles, recalled convincing his uncle and his wife in Nigeria to invest in the venture, which was intended to supply diesel to telecommunications giant MTN.
“I started this business and I took money from my uncle. I took money from him and his wife in Nigeria. So now the business has failed,” he said.
According to him, he and a friend, OC, were entrusted with the huge sum of money OC’s father had saved over his career, because the MTN contract appeared to be a guaranteed deal.
However, after paying middlemen to secure the diesel, the federal government deregulated fuel and removed subsidies, causing prices to crash and leaving their capital tied up for months.
By the time the diesel was eventually delivered, the MTN deal had collapsed, forcing them to sell at a loss.
“We can’t supply MTN again. By the time they’re giving us the diesel, we don’t have the MTN deal. So now we have to sell that diesel for less the price,” he explained.
Mr Eazi said the experience was a tough but valuable lesson in business, teaching him the risks of investing in volatile markets at a young age.
