Discover Mr. Eazi’s emotional video where he opens up about borrowing ₦19 million from his uncle at 19 to start a fuel company, only to lose...
Discover Mr. Eazi’s emotional video where he opens up about borrowing ₦19 million from his uncle at 19 to start a fuel company, only to lose it all in three months. Mr. Eazi, a singer and business owner, has talked about how he lost ₦19 million in a failing fuel company when he was just 19 years old.
He said he got the money from his uncle, who is a doctor, and his wife in Nigeria. He hoped to use it to sell diesel to the cellular company MTN.
He said that his friend's father, who was known as OC's dad, gave them his life savings, which were worth roughly ₦19 million (about £40,000 at the time).
With the money in hand, they tried to get diesel through middlemen at the Apapa port in Lagos.
Sadly, the purchase happened right when fuel prices were deregulated. The investment was lost completely when prices fell, the money became stuck, and the MTN supply arrangement fell through.
Mr. Eazi talked about how hard it was to lose so much money at such a young age. He said that instead of generating money, they had to sell the diesel at a loss, which meant they couldn't get back the millions they had spent.
The failed business deal left them heartbroken, but Mr. Eazi said it was a turning moment for him. He said that they had let down their investors, including his uncle and OC's dad, but that the failure was very important in molding his business perspective.
Mr. Eazi learned a hard but important lesson from the loss. It altered his path and helped him become a global leader in both music and business.