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‘The Business Failed’: Mr Eazi Recalls Losing ₦19m Venture at Age 19
Singer Mr Eazi recalls losing ₦19 million in a failed diesel supply deal with MTN at age 19. He says government policy changes ruined the contract, forcing him to sell at a loss.
Nigerian singer and entrepreneur, Mr Eazi, has shared details of a costly business setback he faced in his teenage years.
Speaking in an interview on the 90s Baby Show, the artist revealed that at just 19 years old, he lost ₦19 million in a failed diesel supply deal.
“I started this business and I took money from my uncle: he was a doctor. I took money from him and his wife in Nigeria, the business failed,” Mr Eazi recounted.
He explained that the funds, borrowed from his uncle and aunt, were meant to finance a diesel supply contract with telecommunications giant MTN.
“I took the money to go buy diesel so that I can supply to MTN,” he said. “This guy gave a 19-year-old and a 20-year-old 19 million naira… money he had saved his entire career.”
However, the venture collapsed after the government removed fuel subsidies, causing prices to crash and tying down his investment for months.
“But then they had done deregulation of fuel so they had removed subsidy so the prices crashed so our money was stuck for probably 3 months,” he explained.
By the time the diesel was released, the MTN deal had fallen through, forcing him to sell at a significant loss.
“By the time they’re giving us diesel we don’t have the MTN deal so now we have to sell that diesel for less the price,” he added.
Despite the heavy loss, Mr Eazi said the experience was part of his early journey into business long before his rise to international fame as a musician and investor.
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