Mo Dewji retains position as East Africa's richest man

Tanzanian billionaire Mohammed Dewji (Mo Dewji) has upheld his position as East Africa’s wealthiest billionaire in the first quarter of 2023. His net worth remained stable at $1.5 billion despite a tumultuous first quarter characterized by mixed global market performance.

With central banks across the world raising interest rates in an attempt to combat inflation, investor confidence in corporate financial prospects has taken a hit, resulting in significant devaluations for several ultra-high net worth individuals and erosion of their wealth.

Amidst the current volatile market conditions, Dewji has emerged as an outstanding symbol of financial resilience.

His commitment to financial prudence has enabled him to maintain his top-ranking position in the region, demonstrating remarkable stability in his net worth.

As the youngest African billionaire on the Forbes Richest List, Dewji continues to hold the distinction of being not just the wealthiest person in Tanzania but also the wealthiest in East Africa, with a staggering net worth of $1.5 billion, according to data tracked Billionaires.Africa.

His vast fortune is primarily attributed to his ownership interest in METL Group, a highly successful conglomerate established by his father in the 1970s.

As the mastermind behind MeTL Group, Dewji has skillfully translated his entrepreneurial zeal into a multibillion-dollar empire, spanning several African countries, including Tanzania, Kenya, and Mozambique.

The conglomerate boasts of an extensive array of more than 150 products, ranging from flour, beverages, and carpets to edible oils and matchsticks.

MeTL Group is set to take on some of the world’s most renowned brands

Earlier this year, Dewji announced that MeTL Group, is poised to challenge some of the world’s most renowned brands, including Unilever, Proctor & Gamble, Pepsi, and Coca-Cola, with several of its beverage and consumer goods produced by its operating units.

He singled out the tremendous success of the group’s flagship product, Mo Extra, a carbonated soft drink that sold over a billion bottles in 2022, as a testament to its capability to compete with the industry’s biggest players.

He exuded confidence in the readiness of his group to consolidate its position as a dominant player in the industry and to take on major beverage companies.

As part of an effort to consolidate MeTL Group’s position as a major player in the highly competitive beverage industry, Dewji recently shared his vision for expanding the company’s footprint in this sector.

“I am setting up factories everywhere where Pepsi and Coca-Cola are, and I am hoping that the 1 billion bottles can reach 3 to 4 billion bottles in the next 24 to 36 months,” Dewji stated.

The strategic move will undoubtedly help MeTL Group strengthen its position in the market.