Afrobeats star and entrepreneur, Oluwatosin Ajibade, better known as Mr Eazi, has shared how his first big business gamble as a teenager ended in a heavy loss of about N19 million.

In a recent podcast appearance, the “Legalize” hitmaker recalled venturing into diesel supply at the age of 19, convinced that he had secured a lucrative deal with a major client, MTN. To fund the project, he borrowed money from his uncle and his wife, both based in Nigeria, believing the venture would quickly turn a profit.

At the time, young entrepreneurs like him depended on middlemen at Lagos’ Apapa port to access petroleum products, since only large-scale buyers could deal directly with tank farms. But his plans unraveled after the federal government deregulated fuel prices, triggering a sharp fall in diesel prices and leaving him with stock that rapidly lost value.

“The money got trapped for months, and the MTN contract never happened,” he recalled, adding that telling his uncle he had lost his life savings was one of the toughest experiences of his life.

Despite the setback, Mr Eazi said the failure ultimately shaped his entrepreneurial journey. The experience, though painful, forced him to develop resilience and sharpened his approach to risk-taking and investment.

“It was a big blow at the time, but it toughened me up and prepared me for the road ahead,” he said.

Today, Mr Eazi is celebrated not only for his global music success but also as a savvy investor with business interests spanning multiple countries. Looking back, he considers the diesel loss less of a defeat and more of a stepping stone that laid the foundation for his later achievements.