Mr Eazi Reveals Losing ₦19 Million at 19
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| Mr Eazi |
Nigerian singer and entrepreneur Mr. Eazi, shared a pivotal moment in his life when he lost ₦19 million in a failed diesel business venture at just 19 years old. He borrowed the substantial amount from his uncle, a doctor, and his wife to supply diesel to MTN, a prominent telecommunications company.
The business plan seemed solid, with his friend OC's father trusting them with his life savings, approximately ₦19 million or nearly £40,000 at the time. However, the federal government's deregulation of fuel prices led to a drastic crash in prices, leaving their investment trapped and the MTN supply deal canceled.
"At 19 I borrowed ₦19 million from my uncle to go into Diesel business, three months later the business crashed and I lost the whole ₦19 million."
The business plan seemed solid, with his friend OC's father trusting them with his life savings, approximately ₦19 million or nearly £40,000 at the time. However, the federal government's deregulation of fuel prices led to a drastic crash in prices, leaving their investment trapped and the MTN supply deal canceled.
"At 19 I borrowed ₦19 million from my uncle to go into Diesel business, three months later the business crashed and I lost the whole ₦19 million."
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Many praised Mr. Eazi's honesty and resilience in sharing his story, seeing it as an inspiration for young entrepreneurs. Some commented on the risks of doing business in Nigeria, particularly in the oil and energy sector. Others noted that the experience, though painful, contributed to Mr. Eazi's growth as a successful entrepreneur.
See reactions below;
Aminu wrote, "19m as a trial and Error kai i fit die."
Booda Waseeu wrote, "What I learned from this is that failure is part of growing. Every setback is a seed for future wisdom. Sometimes losing is the tuition fee we pay for the lessons that set us up for bigger wins."
Araboriota wrote, "At 19 most people are still asking parents for pocket money. Even though the business failed, the experience Mr. Eazi gained was worth more than the ₦19m. No wonder he built himself into a global brand later."
St.MOJORA wrote, "However laughs at this does not understand what business men face in Nigeria. To do business in Nigeria is very risky."
Many praised Mr. Eazi's honesty and resilience in sharing his story, seeing it as an inspiration for young entrepreneurs. Some commented on the risks of doing business in Nigeria, particularly in the oil and energy sector. Others noted that the experience, though painful, contributed to Mr. Eazi's growth as a successful entrepreneur.
See reactions below;
Aminu wrote, "19m as a trial and Error kai i fit die."
Booda Waseeu wrote, "What I learned from this is that failure is part of growing. Every setback is a seed for future wisdom. Sometimes losing is the tuition fee we pay for the lessons that set us up for bigger wins."
Araboriota wrote, "At 19 most people are still asking parents for pocket money. Even though the business failed, the experience Mr. Eazi gained was worth more than the ₦19m. No wonder he built himself into a global brand later."
St.MOJORA wrote, "However laughs at this does not understand what business men face in Nigeria. To do business in Nigeria is very risky."
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