Media entrepreneur Dele Momodu has revealed that he lost over $500,000 after venturing into the restaurant business in Accra, Ghana, as part of an attempt to diversify his investments.
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 disclosed this while speaking on a podcast titled ‘Building Wealth with Femi’, where he reflected on his experience with diversification and the financial setback that followed. According to him, the loss occurred when he attempted to expand his investment portfolio beyond his traditional media ventures.
“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.”
He explained that the investment was a restaurant project named ‘House of Ovation’, which he launched in Accra with high hopes. Momodu said the venture was carefully planned but ultimately did not succeed, leading to a significant financial loss.
“I tried to do a restaurant business in Accra, Ghana, and I lost over half a million dollars,” he said.
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