Dele Momodu, a prominent member of the African Democratic Congress (ADC), has described losing over $500,000 after starting a restaurant in Accra, Ghana.
Momodu discussed the event on a podcast called “Building Wealth with Femi,” according to Naija News.
The Ovation magazine publisher emphasized that the project, which had state-of-the-art facilities and employed skilled chefs, was known as the “House of Ovation” in Ghana and that the loss happened while he was trying to diversify his investments.
Dele Momodu claims that the company was designed with excellent planning and high standards.
“I lost money when I tried to diversify,” he stated. It’s a common misconception that diversification increases earnings. No, unless you are extremely fortunate, you could lose all of your money if you attempt it.
“I lost more than half a million dollars when I attempted to open a restaurant in Accra, Ghana. In Ghana, it was known as the House of Ovation. Excellent meal, wonderful concepts, and very lovely. I hired the top cooks.
When asked what went wrong, the lawmaker stated that the project faced several difficulties.
Momodu talked about customizing industrial catering equipment for a South African company for $60,000.
According to him, the equipment landed in Ghana in January 2007 but spent years stranded at the port.
“Everything that could go wrong went wrong,” he said.
“I paid a South African company $60,000 to have my industrial catering equipment customized. Everything—my plates, spoons, forks, knives, and, of course, refrigerators.
The products landed in Ghana in January 2007 after arriving in a container in October of 2006. Do you know when I was given access to it? It was released in 2010.
