Tanzanian magnate Africa’s youngest billionaire Mohammed Dewji

JOHANNESBURG. – Forbes has recently released its Africa’s Billionaires 2024 Rich List, which includes six South African business tycoons and Tanzanian business magnate, Mohammed Dewji – at 48 – was the youngest among the continent’s wealthiest people.

Most of the remaining 19 were between the ages of 60 and some were in their 90s.

The likes of Nigeria’s Aliko Dangote, Johann Rupert, Nicky Oppenheimer, Patrice Motsepe, Christo Wiese and Michiel Le Roux, were some of the Top 20 richest Dollar Billionaires in Africa, according to Forbes.

Dangote, who is Africa’s largest cement producer, has retaken the top spot of being the richest man on the continent, with a staggering fortune estimated at US$13.9 billion.

Africa’s rich list

  1. Aliko Dangote (Nigeria) – US$13.9 bn
  2. Johann Rupert & family (South Africa) – US$10.1bn
  3. Nicky Oppenheimer & family (South Africa)– US$9.4bn
  4. Nassef Sawiris (Egypt) – US$$8.7 bn
  5. Mike Adenuga (Nigeria) – US$6.9bn
  6. Abdulsamad Rabiu (Nigeria) – US$5.9 billion – Nigeria – est R110 billion
  7. Naguib Sawiris (Egypt) – US$3.8bn
  8. Mohammed Mansour (Egypt) – US$3.2bn
  9. Koos Bekker (South Africa) – US$2.7bn
  10. Patrice Motsepe (South Africa) – US$2.7bn
  11. Issad Rebrab & family (Algeria) – US$2.5 billion
  12. Mohammed Dewji (Tanzania)– US$1.8bn
  13. Strive Masiyiwa (Zimbabwe) – US$$1.8bn

Forbes said they only considered African billionaires who reside in Africa for the list, excluding people such as London-based billionaires Mo Ibrahim and Nathan Kirsh of South Africa.

However, it said it would include London-based Zimbabwean Strive Masiyiwa, as his telecom holdings was operating in Africa.

Forbes said they used stock prices and currency exchange rates from the close of business on January 8, 2024 to determine net worth, while they also valued privately-held businesses, using estimates of profits and applying prevailing price-to-sale or price-to-earnings ratios for similar public companies.

South Africa dominated the Top 20, with six billionaires, Egypt had five, Nigeria had four, Morocco had two, while Zimbabwe, Tanzania and Algeria had one each.

The top 20 was rounded up by an assortment of interests from manufacturing, media and entertainment, fashion and retail, mining, construction, telecommunications and financing, among many.

One of this year’s top 20 richest on continent, Dewji, 48, of Tanzania was the youngest among the top 20.

The former parliamentarian, who served between 2005 and 2015, has business interests in insurance, textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa, through the MeTL Group.

The company is the largest private sector employer in Tanzania, employing over 40 000 people, with aspirations of reaching 100 000 by 2030.

Dewji – ranked the 12th richest person in Africa – built his empire on the successes of an entrepreneurial family when he poured his drive into his father’s trading empire, which was established in the 1970s.

“The most important thing is employment generation. First and foremost, I look for businesses that employ as many people as possible,” said Dewji.

The MeTL Group operates across 10 African countries, with new projects set to reach India and the Middle East.

The Mo Dewji Foundation, MeTL Group’s charitable trust fund, has impacted hundreds of thousands of Tanzanians through investments in water, health, and education.

Forbes lauded African businessmen like Dangote, Rupert, Motsepe, Dewji, Sawiris, Adenuga, Bekker, Rebrab and the Mansours, and others who were thriving on the continent, for their resilience in a continent that has to continually fight for its successful participation in the global economy. – IOLNews

You Might Also Like