Media entrepreneur and publisher of Ovation magazine, Dele Momodu, has disclosed that he lost more than $500,000 after venturing into the restaurant business in Accra, Ghana.
Speaking on the podcast Building Wealth with Femi, Momodu said the loss came as a result of his attempt to diversify investments beyond publishing. “The time I lost money was when I tried to diversify. People always think that diversification means you will make more money. No, unless you are very lucky, you can lose all your money while trying that,” he explained.
Momodu revealed that he established a restaurant called House of Ovation in Accra, conceived with high expectations and equipped with modern facilities. The business employed experienced chefs and was designed to deliver premium dining experiences.
Despite the planning, the venture faced significant challenges. Momodu recounted that equipment imported for the restaurant arrived in Ghana in January 2007 but was stuck at the port for years. “In October 2006, the goods arrived in a container in Ghana in January 2007. Do you know when they released it to me? I got it out in 2010,” he said.
The delays, coupled with mounting costs, ultimately led to the collapse of the project, resulting in the multimillion-dollar loss.
Momodu, who once contested Nigeria’s presidency, said the experience taught him hard lessons about investment risks and the importance of patience and resilience in business.
