Dele Momodu, publisher of Ovation magazine, says he lost more than $500,000 after venturing into the restaurant business in Accra, Ghana.
Momodu spoke about the experience while appearing on a
podcast titled ‘Building Wealth with Femi’.
The media entrepreneur said the loss occurred when he
attempted to diversify his investments.
“The time I lost money was when I tried to diversify,” he
said.
“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.”
Momodu shared that he floated a restaurant called ‘House of
Ovation’ in Ghana.
He said the business was conceived with high expectations
and quality planning.
“I tried to do a restaurant business in Accra, Ghana, and I
lost over half a million dollars,” he said.
The ex-presidential candidate added that the project
featured 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.
Asked what went wrong, the politician said the venture
encountered multiple challenges.
“Everything that could go wrong went wrong,” he said.
Momodu said part of the problem involved imported kitchen
equipment he ordered from South Africa.
He spoke about paying $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,” he said.
Momodu said the equipment arrived in Ghana in January 2007
but remained stuck at the port for years.
“In 2006 October, the goods arrived in a container in Ghana
in January 2007,” he said.
“Do you know when they released it to me? I got it out in
2010.”
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com