By our reporter 5.3.2026
Veteran journalist and politician Dele Momodu has spoken about his failed restaurant business in Accra Ghana.
In 2006 awash with cash Mr. Momodu attempted to establish an eatery in Osu a posh business district in the Ghanaian capital city, but it all went awry for the publisher of the popular Ovation magazine back in the days.
He acquired a three storey building draped in the Nigerian colours and it was named “House of Ovation” but according to him, he wasn’t lucky with his plans.
“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, “said Momodu in a chat on “Building Wealth with Femi” podcast show.
“I tried to do a restaurant business in Accra, Ghana, and I lost over half a million dollars.
“It was called the House of Ovation in Ghana. Very beautiful, great ideas, good food. I employed the best chefs.
“Everything that could go wrong went wrong.
“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.
“In 2006 October, the goods arrived in a container in Ghana in January 2007.
“Do you know when they released it to me? I got it out in 2010.”