Dele Momodu, publisher of Ovation International, says he lost more than $500,000 after a restaurant business he established in Accra, Ghana, failed.

Momodu disclosed this while speaking on a podcast titled “Building Wealth with Femi”, where he reflected on the risks of diversifying investments.

According to the media entrepreneur, the loss occurred when he attempted to expand his business interests beyond media.

“People always think diversification means you will make more money,” he said. “No. Unless you are very lucky, you can lose all your money trying to do that.”

He said the venture, named “House of Ovation”, was launched in Accra with high expectations and modern facilities.

Momodu said the restaurant featured well-designed interiors and employed experienced chefs, but the business later encountered several setbacks.

“Everything that could go wrong went wrong,” he said.

He explained that part of the challenge involved specialised kitchen equipment he ordered from a company in South Africa.

According to him, he paid about $60,000 to customise industrial catering equipment including plates, cutlery, refrigerators and other kitchen appliances.

Momodu said although the equipment arrived in Ghana in January 2007, it remained stuck at the port for years.

“I got the equipment out in 2010,” he said.

The media personality said the delays and other operational difficulties contributed to the collapse of the venture, resulting in significant financial losses.