‘The business failed’ – Mr Eazi on losing ₦19m business venture at age 19
yarkarkara
By Patrick Igwe
Nigerian singer Mr. Eazi has opened up about a major financial setback he suffered.
During an interview on the 90s Baby Show, the singer spoke about losing ₦19 million in a failed diesel supply business.
The singer disclosed that at just 19 years old, he borrowed the money from his uncle and his uncle’s wife with hopes of supplying diesel to telecommunications giant MTN.
“I started this business and I took money from my uncle: he was a doctor. I took money from him and his wife in Nigeria, the business failed,” he said.
“I took the money to go buy diesel so that I can supply to MTN,” he said. “This guy gave a 19 year old and a 20 year old 19 million naira.”
He further explained saying, “This guy gave us money he had saved his entire career”
However, the plan quickly unraveled when government policy changes disrupted the deal.
According to him, after paying for the diesel, the government removed fuel subsidy, leaving his funds tied down for three months.
“But then they had done deregulation of fuel so they had removed subsidy so the prices crashed so our money was stuck for probably 3 months”, Eazi said.
By the time the product was released, the contract with MTN had fallen through, forcing him to sell the diesel at a loss.
“By the time they’re giving us diesel we don’t have the MTN deal so now we have to sell that diesel for less the price,” he further explained.
Despite the loss, the experience marked one of his earliest forays into business before his eventual rise to global fame as a musician and investor.
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