Africa’s youngest billionaire: Mo Dewji’s impactful empire extends beyond wealth

FORBES has just released its 20 Africa’s richest billionaires of 2024, with South Africa once again dominating the rankings that have a young Tanzanian maintaining his place among the heavyweights.

Six South African magnates, namely Johann Rupert (3), Nicky Oppenheimer (3), and Jacobus Petrus “Koos” Bekker and Patrice Motsepe tied at number 9, Christo Wiese (18) and Michiel Le Roux (19) are on the continent’s list of the wealthy.

However, more notable is the inclusion of Africa’s youngest billionaire, Mohammed Dewji, who has held such a title for almost a decade and remains the only East African listed. More impressive than his wealth is the social impact of the 48-year-old’s company, MeTL Group.

Mo Dewji with Billionaire and Confederation of African Football president Patrice Motsepe and FIFA president Gianni Infantino

MeTL is the largest private sector employer in Tanzania. MeTL employs 40 000 people – with an aspiration of reaching 100 000 by 2030.

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

Ranked 12th in Africa on the impactful rich list, Dewji built his empire on the successes of an entrepreneurial family when he poured his drive into his father’s trading empire, established in the 1970s.

MeTL Group has diversified immensely under the young billionaire’s leadership and now operates over 100 lines of business, ranging from tea to edibles, soaps to sodas.

MeTL products are ubiquitous in the region’s everyday markets. Key industries include trading, agriculture, manufacturing, logistics and financial services. The Group operates across 10 African countries, with new projects reaching India and the Middle East.

From a humble background, Dewji remains an inspiration, especially to his fellow young Africans.

He was born in Singida, an impoverished region in Central Tanzania. After schooling abroad, he returned to Tanzania to serve two consecutive terms as a Member of Parliament for Singida, where he invested his profits into improving the health and education conditions of his community.

The 48-year-old’s commitment to philanthropy has strengthened significantly with the expansion of MeTL. The Mo Dewji Foundation, MeTL Group’s charitable trust fund, has impacted hundreds of thousands of Tanzanians through investments in water, health, and education.

The Iconic Forbes Magazine lauded African businessmen like Motsepe and Dewji for their resilience in a continent that has to continually fight for its successful participation in the global economy.

“Africa remains one of the world’s toughest places to build – and hold onto – a billion-dollar fortune, as global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates while changing political winds can make, boost or bust private fortunes,” reads a quote from Forbes.

Still, African businesses have overcome these obstacles to build empires that feed multitudes of families and lead many social responsibility projects on the continent.

In 2016, Dewji joined peers that include CAF President Mostepe, on Forbes’ African Billionaires ranking, to sign the Giving Pledge, an initiative led by Bill and Melinda Gates through which the global benefactors donate at least half of their wealth to charity.

Dewji and Mostepe align not only in matters of business and philanthropy but also in the world of uplifting African football.

In October 2023, Dewji and Motsepe partnered with FIFA President Gianni Infantino to launch the inaugural African Football League, a momentous sport development project aimed at fostering and raising the standard of football on the continent.

Dewji is not new to football. He is the majority shareholder of Tanzania’s largest football club, Simba Sports Club, with over 20 million fans.

Under his leadership, Simba has contributed substantially to youth development in Tanzania and has made it to the quarterfinals of the African Champions League. The club is now among the top African clubs in the continent, in a list headed by South Africa’s Mamelodi Sundowns.

As Dewji puts it: “Football goes beyond sport. It drives social change and youth empowerment. It brings people together. I am proud to participate in the growth and development of football in Africa!”

Below is the list of Africa’s Billionaires by Forbes

1. Aliko Dangote – $13.9 billion – Nigeria

2. Johann Rupert & family – $10.1 billion – South Africa

3. Nicky Oppenheimer & family – $9.4 billion – South Africa

4. Nassef Sawiris – $8.7 billion – Egypt

5. Mike Adenuga – $6.9 billion – Nigeria

6. Abdulsamad Rabiu – $5.9 billion – Nigeria

7. Naguib Sawiris -$3.8 billion – Egypt

8. Mohammed Mansour – $3.2 billion – Egypt

9. Koos Bekker – $2.7 billion – South Africa

9. Patrice Motsepe – $2.7 billion – South Africa

11. Issad Rebrab & family – $2.5 billion – Algeria

12. Mohammed Dewji – $1.8 billion – Tanzania

12. Strive Masiyiwa – $1.8 billion – Zimbabwe

14. Aziz Akhannouch & family – $1.7 billion – Morocco

15. Othman Benjelloun & family – $1.4 billion – Morocco

16. Youseff Mansour – $1.3 billion – Egypt

17. Yassen Mansour – $1.2 billion – Egypt

17. Christoffel Wiese – $1.2 billion – South Africa

19. Michiel Le Roux – $1.1 billion – South Africa

19. Femi Otedola – $1.1 billion – Nigeria