Tanzanian businessman Mohammed Dewji, recognized as Africa’s youngest billionaire, has witnessed a remarkable surge in his fortune, solidifying his status as not only the richest man in Tanzania but also claiming the title of East Africa’s wealthiest individual.
According to Forbes, Dewji’s net worth has soared by $300 million in just 25 days. Beginning the year at $1.5 billion, the visionary leader behind the Tanzanian conglomerate MeTL Group now boasts a staggering net worth of $1.8 billion.
This rapid increase in Dewji’s wealth is attributed to the revaluation of his stake in MeTL Group, a conglomerate with an extensive portfolio spanning more than 150 products, including flour, beverages, carpets, edible oils, and matchsticks.
MeTL Group’s expansion sparks valuation surge across African markets
The recent valuation surge is primarily linked to the success and expansion of MeTL Group, which operates in various African nations, including Tanzania, Kenya, and Mozambique. The conglomerate, under Dewji’s leadership, has transformed into a multibillion-dollar empire.
In an interview with CNN Connecting Africa in February 2023, Dewji expressed his ambitious goal for MeTL Group’s products to compete globally with industry giants such as Unilever, Proctor & Gamble, Pepsi, and Coca-Cola. This vision has been a driving force behind the conglomerate’s consistent growth.
From diversification to dominance: Dewji’s $100-million play in Rwandan markets
In a strategic move to diversify and expand his conglomerate’s footprint, Dewji secured land in Rwanda in September 2023. This decision followed his announcement to inject a staggering $100 million into four prominent Rwandan companies, showcasing a growing interest in Rwanda’s rapidly expanding economy.
The targeted companies operate in various sectors, including edible oil, soap production, wheat and maize milling, carbonated drinks, plastic bottle recycling, agriculture, and fuel storage. With his wealth now exceeding $1.8 billion, Mohammed Dewji has ascended to the 1,682nd position among the world’s richest individuals.