Ovation magazine publisher Dele Momodu claims that after entering the restaurant industry in Accra, Ghana, he lost almost $500,000.
During an appearance on the podcast “Building Wealth with Femi,” Momodu discussed the experience.
The media entrepreneur claimed that when he tried to diversify his investments, he lost money.
“I lost money when I tried to diversify,” he claimed.
It’s a common misconception that diversification increases earnings. No, unless you’re extremely fortunate, you risk losing all of your money.
Momodu revealed that he owned a restaurant in Ghana named “House of Ovation.”
He said that excellent planning and high standards were used in the conception of the company.
Advertisement “I lost more than half a million dollars when I attempted to open a restaurant in Accra, Ghana,” he stated.
The former presidential contender also mentioned that the initiative used skilled chefs and had state-of-the-art facilities.
In Ghana, it was known as the House of Ovation. Excellent meal, wonderful concepts, and very lovely. I employed the best chefs,” he said.
When asked what went wrong, the lawmaker stated that the project faced several difficulties.
He stated, “Everything that could go wrong went wrong.”
Momodu claimed that he ordered imported kitchen appliances from South Africa, which contributed to the issue.
He talked about customizing industrial catering equipment for a South African company for $60,000.
“I paid a South African company $60,000 to have my industrial catering equipment customized. “Everything, including my plates, spoons, forks, knives, and refrigerators,” he remarked.
According to Momodu, the equipment landed in Ghana in January 2007 but spent years stranded at the port.
“The goods arrived in a container in Ghana in January 2007, having arrived in October of 2006,” he stated.
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“Do you know when it was made available to me? It was released in 2010.
