Mohammed Dewji, Africa’s Youngest Billionaire Set to Increase Wealth, Compete with Dangote

Mohammed Dewji, Africa’s Youngest Billionaire Set to Increase Wealth, Compete with Dangote

  • Mohammed Dewji is the richest person in Tanzania and also the youngest billionaire in Africa
  • He is looking to invest $150 million to boost production and grow his conglomerate, MeTL Group
  • The business currently employs over 38,000 people and has operations in 11 African nations

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Mohammed Dewji, the richest person in Tanzania and the youngest billionaire in Africa, plans to strategically invest $150 million to grow his conglomerate, MeTL Group.

Africa’s Youngest Billionaire
Mohammed Dewji, Africa’s youngest billionaire, is set to increase his wealth and compete with Dangote. Photo Credit: Muhammed Dewji
Source: UGC

The ambitious strategy calls for investing $100 million in Rwandese enterprises operating in critical areas and $50 million toward planting hybrid tea for export.

More wealth for Dewji

The 48-year-old billionaire disclosed intentions to invest $50 million in growing a couple of thousand hectares of new hybrid tea to diversify and increase the MeTL Group's footprint.

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The program hopes to increase local tea production and worldwide exports.

This aligns with Dewji's broader plan to introduce an agriculture business valued at up to $4 billion on the London or New York stock exchanges, with development banks providing most of the finance.

The largest domestic business in Tanzania, MeTL Group, employs over 38,000 people and operates in 11 African nations. Its varied portfolio includes textile production, flour milling, drinks, and edible oils.

However, the conglomerate's operations are anticipated to be strengthened and expanded by the $50 million infusion.

Billioniare's investment plan

Dewji announced intentions to invest $100 million in four significant Rwandese businesses involved in vital industries.

This came after a fruitful discussion in Dar es Salaam between Dewji, Rwanda Development Board Deputy Chief Executive Nelly Mukazayire, and Minister of Agriculture and Animal Resources Ildephonse Musafiri.

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The investments have been approved, and MeTL has already obtained land in Rwanda to support the project.

The $100 million will go toward businesses in the manufacturing and processing sectors, which include producing carbonated drinks, soap, wheat and maize flour, edible oil processing, plastic bottle recycling, fuel storage, and agriculture.

Billionaire. Africa reported that the news marks a significant step forward for MeTL Group's expansion, strengthening its position in 11 African nations and adding to its wide range of over 150 items, which includes matchsticks, carpets, beverages, flour, and edible oils.

Mohammed Dewji's dedication to promoting economic growth and diversification in the area is demonstrated by this calculated investment, which establishes MeTL Group as a major force in the corporate landscape of Africa.

Dewji's net worth increased by $300 million to reach $1.8 billion this year, solidifying his place among the wealthiest people in Africa.

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In a related report, Jeff Bezos, the chief executive officer of Amazon, has reclaimed his title as the world's wealthiest man, with a net worth of $200 billion.

Legit.ng reported the last time Bezos was the world's richest person was in 2021.

Bezos's race to the top happened after Amazon shares rallied. It is currently up by 17% year to date and nearly 90% higher than a year ago.

Source: Legit.ng

Authors:
Zainab Iwayemi avatar

Zainab Iwayemi (Business Editor) Zainab Iwayemi is a business journalist with over 5 years experience reporting activities in the stock market, tech, insurance, banking, and oil and gas sectors. She holds a Bachelor of Science (B.sc) degree in Sociology from the University of Ilorin, Kwara State. Before Legit.ng, she worked as a financial analyst at Nairametrics where she was rewarded for outstanding performance. She can be reached via zainab.iwayemi@corp.legit.ng

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