Ovation magazine publisher Dele Momodu has revealed how he lost over $500,000 when he started a restaurant business in Ghana.
Momodu disclosed this during an appearance on the ‘Building Wealth with Femi’ podcast.
Momodu said that he experienced financial loss in his attempt to diversify his investments.
He said: “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.
“I tried to do a restaurant business in Accra, Ghana, and I lost over half a million dollars.
“It was called the House of Ovation in Ghana. Very beautiful, great ideas, good food. I employed the best chefs.”
Responding to what went wrong, Momodu stated, “Everything that could go wrong went wrong.”
He explained that part of the problem involved imported kitchen equipment he ordered from South Africa.
According to him, he paid $60,000 to a South African company to customise industrial catering equipment.
“I paid $60,000 to a company in South Africa to customise my industrial catering equipment. My plates, my spoons, my forks, my knives, of course, refrigerators, everything.”
Momodu further shared that the equipment remained stuck at the port for years after arriving in Ghana in January 2007.
“In 2006 October, 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,” Momodu said.
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