Dele Momodu Opens Up On His Business Loss In Ghana 

(AFRICAN EXAMINER) – Dele Momodu, publisher of Ovation Magazine, has revealed that he lost more than $500,000 after venturing into the restaurant business in Accra, Ghana.

Momodu shared the experience while speaking on a podcast titled Building Wealth with Femi, where he reflected on the risks of diversifying investments.

According to the media entrepreneur, the loss occurred when he tried to expand his business interests outside his core field.

“The time I lost money was when I tried to diversify,” he said.

“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.”

Momodu said he launched a restaurant called House of Ovation in Accra with high hopes and strong planning.

He explained that the project had modern facilities and employed experienced chefs.

“It was called the House of Ovation in Ghana. Very beautiful, great ideas, good food. I employed the best chefs,” he said.

However, the former presidential candidate said the venture faced several problems.

“Everything that could go wrong went wrong,” he said.

Momodu also blamed part of the challenge on imported kitchen equipment he ordered from South Africa.

He said he paid about $60,000 to a South African company to customise industrial catering equipment for the restaurant.

“I paid $60,000 to a company in South Africa to customise my industrial catering equipment — plates, spoons, forks, knives, refrigerators, everything,” he said.

Momodu explained that the equipment arrived in Ghana in January 2007 but remained stuck at the port for several years.

“In October 2006, the goods were shipped, and they arrived in Ghana in January 2007,” he said.

“Do you know when they released it to me? I got it out in 2010.”

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