Nigerian singer and businessman, Mr Eazi, has opened up about how his first big business venture ended in failure.
In a recent interview, the “Leg Over” crooner revealed that at just 19, his uncle and aunt entrusted him with ₦19 million; which was their entire life savings, to start a diesel supply business. “My uncle is a doctor, and he gave me everything he had saved. I went into the business with my friend, OC,” he recalled.
At the time, Mr Eazi secured a contract to supply diesel to telecom giant MTN. He would source fuel from agents around Apapa port in Lagos, paying extra charges per litre to get access. Each truck carried about 33,000 litres, but things quickly went bad.
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Soon after he started, government regulations changed and subsidies were removed. Diesel prices crashed, and his capital got trapped for three months. By the time he was able to get his product and deliver, MTN were no longer interested in the deal. So he started selling to local buyers at a loss. “We had to sell at a loss. Everything went down the drain,” he said.
The story sparked reactions online, with many shocked that as a teenager he could get such an amount of money from his relative. “You’re lucky to have an uncle who believed in you,” one user wrote. Another joked: “My uncle still hasn’t bought me the bicycle he promised years ago.”
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Despite the setback, Mr Eazi went on to build successful ventures, balancing his music career with businesses across Africa and getting married to the daughter of one of Nigeria’s richest businessmen Temi Otedola now Mrs. Temi Ayobami in an exotic wedding ceremony that took place in three different places.
