Forbes recently unveiled its list of Africa’s Billionaires Rich list, and Mohammed Dewji was named Africa’s youngest billionaire in 2024.
WHO IS MOHAMMED DEWJI?
Mohammed Dewji, aged 49, is a Tanzanian business magnet and former politician who is recognized as Africa’s youngest billionaire in 2024.
Dewji holds the 12th position on the list of the Top 20 richest individuals in Africa, surpassing Zimbabwean entrepreneur Strive Masiyiwa, with a net worth of $1.8 billion. He stands as the sole billionaire in his country.
Having served as a parliamentarian from 2005 to 2015, Dewji now heads the largest private sector company, which also ranks as the largest employer in Tanzania. His business empire spans diverse sectors including insurance, textile manufacturing, flour milling, and edible oils across eastern, southern, and Central Africa through Mohammed Enterprises Tanzania Limited (MeTL).
The conglomerate, which was established by his grandmother in the 1970s, now operates in over 10 other African countries including Uganda and Kenya. Currently, the company employs 40,000 people, with plans to increase the workforce to around 100,000 by 2030.
Dewji, who is married with three children, stands as the sole billionaire (in USD) in Tanzania. Apart from his business endeavors, he is a prominent philanthropist. In 2016, he pledged to donate at least half of his fortune to various philanthropic causes.
Since assuming control of the family business in 1999, Dewji has overseen a remarkable growth in revenue, boosting the company’s earnings from $30 million to $1.8 billion over the span of his leadership.
Dewji has also ventured into the world of sports where he has investments in soccer. He serves as the co-owner of Simba SC, one of Tanzania’s premier soccer clubs. Under his leadership, Simba SC has won the Tanzanian Premiership four times.
