Tanzanian billionaire Mohammed Dewji wins Industrialist of the Year Award

Mfonobong Nsehe -

Tanzanian billionaire Mohammed Dewji has won the Industrialist of the Year Award. Dewji, also known as Mo, was announced as the winner during the 2023 All Africa Business Leaders Awards (AABLA) annual gala in South Africa on Friday.

The award was presented to him by Tshokolo Petrus Nchocho, the CEO of the Industrial Development Corporation of South Africa, at the King’s Ballroom Hall of Sun City Resort in Johannesburg.

In a congratulatory message on their Twitter page, AABLA management praised Mo and his company, Mohamed Enterprises Tanzania Limited (MeTL), which operates in 11 African countries. MeTL is involved in various industries, primarily focusing on textile manufacturing, flour production, beverage manufacturing, and cooking oil production.

Dewji, the president of the MeTL Group, founded by his father Gulamabbas Dewji in the 1970s, expressed his gratitude for receiving the award and thanked Tanzanian President Samia Suluhu Hassan. He humbly acknowledged the award and recognized Hassan for fostering a favorable and encouraging environment for industrial development in Tanzania.

Mo recently emphasized the safety and attractiveness of Tanzania for investments, attributing it to the government’s establishment of effective and transparent systems.

He encouraged fellow AABLA award winners to continue investing in Africa’s economy while congratulating them.

According to Forbes, Mo, aged 48, is the 13th wealthiest individual in Africa, with a total fortune of $1.5 billion (Sh3.6 trillion). In 2019, his wealth reached $1.9 billion (Sh4.5 trillion), placing him 14th on the list. However, his wealth declined by $300 million in 2020.

In an interview with Forbes in 2021, Mo expressed regrets about not investing in the banking and telecom sectors. He acknowledged missed opportunities in those areas and stated his current attempts to acquire a bank, though he believes it may be too late.

Mo also admitted to overlooking the potential of investing in the telecom business because many citizens couldn’t afford mobile phones for communication.