Afrobeats star, Mr Eazi, has revealed how he once lost a staggering N19 million in a failed diesel supply venture before finding fame in music.

Speaking on the 90s Baby Show, the singer said the incident happened when he was just 19 years old after borrowing the money from his uncle, a medical doctor, and his wife, with hopes of supplying diesel to telecommunications giant, MTN.

“I started this business, and I took money from my uncle and his wife. The plan was to supply diesel to MTN, but it failed,” he recalled.

Mr Eazi explained that the money represented his uncle’s life savings, which made the loss even harder to bear. According to him, after paying for the diesel, a sudden government deregulation policy scrapped fuel subsidy, causing prices to crash and leaving his capital tied down for months.

“But then they had done deregulation of fuel, so the prices crashed, and our money was stuck for probably three months. By the time they released the diesel, the MTN deal was gone, and we had to sell at a loss,” he said.

Despite the huge setback, the singer described it as one of his earliest business lessons, long before his eventual rise to global recognition as both a musician and investor. (Nigerian Tribune)