Media entrepreneur and publisher of Ovation magazine, Dele Momodu, has revealed that he once lost more than $500,000 after investing in a restaurant business in Accra, Ghana.
Momodu made the disclosure while speaking on the podcast Building Wealth with Femi, where he reflected on the risks associated with diversifying investments beyond one’s primary field.
According to him, the financial setback occurred during his attempt to expand his business interests outside 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 said.
The media personality explained that he had launched a restaurant known as House of Ovation in Accra with high hopes of creating a premium dining destination. The establishment was reportedly well-equipped with modern facilities and staffed by professional chefs to deliver a top-quality culinary experience.
However, the project soon ran into serious logistical challenges.
Momodu recounted that the equipment he imported for the restaurant arrived in Ghana in January 2007 but remained stuck at the port for several years due to clearance issues.
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“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.
He noted that the prolonged delay and the increasing expenses that followed eventually crippled the business, leading to its collapse and the huge financial loss.
Momodu, who previously contested for Nigeria’s presidency, said the experience served as a valuable lesson about the uncertainties that come with investment and the need for patience and resilience in business ventures.