{"id":235891,"date":"2025-09-22T20:45:38","date_gmt":"2025-09-22T20:45:38","guid":{"rendered":"https:\/\/abiaradiostations.name.ng\/news\/how-i-lost-%e2%82%a619-million-in-diesel-business-mr-eazi\/"},"modified":"2025-09-22T20:45:38","modified_gmt":"2025-09-22T20:45:38","slug":"how-i-lost-%e2%82%a619-million-in-diesel-business-mr-eazi","status":"publish","type":"post","link":"https:\/\/abiaradiostations.com.ng\/news\/how-i-lost-%e2%82%a619-million-in-diesel-business-mr-eazi\/","title":{"rendered":"How I Lost \u20a619 Million In Diesel Business \u2013 Mr Eazi"},"content":{"rendered":"

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Nigerian singer Tosin Ajibade, popularly known as\u00a0Mr Eazi,<\/a> has opened up about a major setback early in his business journey.<\/span><\/h2>\n

Abia Radio News<\/strong> reports that the singer revealed that he lost \u20a619 million in a failed diesel supply deal when he was just 19 years old.<\/p>\n

In an interview shared on social media, he revealed that he borrowed money from his uncle, who is a doctor, and his wife in Nigeria to start the venture.<\/p>\n

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His plan was to buy diesel and supply it, believing he could sell it successfully.<\/p>\n

The project seemed reliable, supported by a well-known company, and many others were investing in similar deals at the time.<\/p>\n

The team tried to buy diesel through agents at Apapa port in Lagos, as direct purchase from tank farms required bulk allocation.<\/p>\n

These agents charged a small premium to facilitate the transaction.<\/p>\n

However, a sudden government deregulation of fuel prices caused diesel costs to drop just as they made the purchase.<\/p>\n

The money remained tied up for about three months, and the planned supply deal with MTN collapsed.<\/p>\n

Eventually, the diesel had to be sold at a loss, resulting in the loss of his uncle\u2019s life savings.<\/p>\n

The experience was devastating for all involved.<\/p>\n

Despite the financial loss, Mr Eazi said the incident became a crucial lesson in entrepreneurship.<\/p>\n

The failure, although painful, helped him build the mindset and resilience needed to succeed in business later.<\/p>\n

He said: \u201cWhen I was about 19 or 20, I started a business. I borrowed money from my uncle, who was a doctor, and his wife in Nigeria. The plan was to buy diesel so I could supply too. I was confident-I told them, \u2018MTN is going to pay us, bro. I\u2019m a salesman. I can sell anything.\u2019 Everything seemed legit, backed by an established company, and a lot of people invest money like this.<\/em><\/p>\n

\u201cYou can\u2019t buy directly from the tank farm unless you have bulk allocation, so you rely on agents who charge a small premium to make the purchase for you.<\/em><\/p>\n

\u201cEventually, we had to sell the diesel at a loss. When we went to OC\u2019s dad to explain, it was a terrible moment-we had lost his life savings, and he was devastated.<\/em><\/p>\n

\u201cThe failed venture left them in shock, but the experience, according to him, was a turning point.\u201d<\/em><\/p>\n

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\u00a9 2025 Abia Radio News, a division of Tee Global Innnovations [abiaradios@gmail.com]. [email\u00a0protected]<\/strong><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n","protected":false},"excerpt":{"rendered":"

Nigerian singer Tosin Ajibade, popularly known as\u00a0Mr Eazi, has opened up about a major setback early in his business journey. Abia Radio News reports that the singer revealed that he lost \u20a619 million in a failed diesel supply deal when he was just 19 years old. In an interview shared on social media, he revealed […]<\/p>\n","protected":false},"author":15,"featured_media":235892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[3],"tags":[1286],"class_list":["post-235891","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment","tag-mr-eazi"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/abiaradiostations.com.ng\/news\/wp-content\/uploads\/2025\/09\/Mr-Eazi-1000x600.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts\/235891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/comments?post=235891"}],"version-history":[{"count":0,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/posts\/235891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/media\/235892"}],"wp:attachment":[{"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/media?parent=235891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/categories?post=235891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abiaradiostations.com.ng\/news\/wp-json\/wp\/v2\/tags?post=235891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}