Dele Momodu Shares Heartbreaking Details of How His Multi-Million Naira Business Crashed
- Dele Momodu warned that diversifying one's business is not always a guaranteed path to wealth and can lead to total loss
- The media mogul spared no expense, hiring top-tier chefs from South Africa to create a world-class dining experience
- In a shocking twist, Momodu revealed that his $60,000 worth of customized catering equipment was stuck at a Ghanaian port for three years
Veteran media entrepreneur and publisher of Ovation magazine, Dele Momodu, has opened up about one of the most painful financial setbacks of his career.
Momodu revealed that he once lost more than $500,000 after venturing into the restaurant business in Accra, Ghana.
The former presidential aspirant made the disclosure while speaking on a podcast titled Building Wealth with Femi, where he reflected on the risks entrepreneurs sometimes face when trying to expand their investments.
Source: Twitter
According to him, the loss happened when he decided to diversify his business interests beyond media.
He explained that many people believe diversification automatically leads to more profit, but reality can sometimes be different.
The media guru revealed that his business idea at the time was to launch a restaurant in Ghana called House of Ovation.
The project, he said, was planned with great ambition and attention to detail.
According to him, the restaurant was designed to stand out with modern facilities, high-quality food, and experienced chefs.
“It was called the House of Ovation in Ghana. Very beautiful, great ideas, good food. I employed the best chefs,” he explained.
However, the dream soon ran into unexpected complications.
Momodu revealed that one of the biggest setbacks came from imported kitchen equipment he ordered from South Africa.
He said he paid about $60,000 to a company to customise industrial catering equipment for the restaurant.
The equipment included plates, spoons, knives, refrigerators and other essential items needed to run the kitchen.
“I paid $60,000 to a company in South Africa to customise my industrial catering equipment,” he said.
However, things took a frustrating turn after the items arrived in Ghana.
According to him, the container carrying the equipment arrived in January 2007 but was stuck at the port for years.
Watch the interview here:
Dele Momodu moves to settle Davido, Sophia's fight
In another development Dele Momodu has spoken about efforts to settle the long-running issues between his niece, Sophia Momodu, and singer Davido.
He made the remarks during a visit to Liberia on February 19, where fans expressed their concern about the dispute and urged him to intervene.
While in Liberia, Dele Momodu shared that he had been receiving numerous messages from fans of both Davido and Sophia, many of whom wanted him to help bring peace between the two.
Source: Facebook
Davido unfollows Dele Momodu on Instagram
Legit.ng earlier reported that Davido recently unfollowed Dele Momodu, the uncle of his first daughter’s mother.
The development came just hours after the Ovation TV boss shared a post addressing the ongoing family tension.
David's action came on the heels of the court case between him and his daughter’s mother, Sophia Momodu.
Source: Legit.ng
