I Lost Over $500,000 Running Restaurant Business in Ghana Dele Momodu

Media entrepreneur and publisher of Ovation Magazine, Dele Momodu, has revealed that he lost more than $500,000 after venturing into the restaurant business in Accra, Ghana.

Momodu made the disclosure while speaking on the podcast Building Wealth with Femi, explaining that the loss occurred during his attempt to diversify his investments beyond the media industry.

According to him, diversification does not always guarantee profit, warning that investors can lose large sums if ventures fail.

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

Momodu explained that he launched a restaurant known as House of Ovation in Accra with high expectations. The establishment was reportedly equipped with modern facilities and staffed with experienced chefs to deliver premium dining services.

However, the business encountered major setbacks when equipment imported for the restaurant became 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.

He noted that the prolonged delay, combined with rising operational costs, eventually led to the collapse of the project and the significant financial loss.

Momodu, who previously contested Nigeria’s presidential election, said the experience taught him valuable lessons about business risks, patience and resilience when making investment decisions.