Media entrepreneur and publisher of Ovation magazine, Dele Momodu, has disclosed losing more than $500,000 while operating a restaurant in Accra, Ghana.
Speaking on the podcast Building Wealth with Femi, Momodu said the loss stemmed from his attempt to diversify investments beyond publishing.
“People always think diversification means you will make more money.
“No, unless you are very lucky, you can lose all your money while trying that,” he explained.
The restaurant, House of Ovation, was conceived as a premium dining experience, staffed with experienced chefs and equipped with modern facilities.
However, the venture faced major setbacks. Momodu revealed that imported equipment, intended to launch the restaurant, arrived in Ghana in January 2007 but was delayed at the port for years.
“Do you know when they released it to me? I got it out in 2010,” he recounted.
The prolonged delays and rising costs ultimately led to the collapse of the project, resulting in the multimillion-dollar loss.
Reflecting on the experience, Momodu, who once contested Nigeria’s presidency, said it provided him with hard lessons about the risks of investment and the importance of patience and resilience in business.
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