DAR ES SALAAM: Mohammed Dewji, popularly known as Mo Dewji, has continued to maintain his status as Africa’s youngest billionaire.
According to the latest report by the Forbes Magazine on Africa’s Richest People, Mo Dewji boasts a net worth of 2.1 billion US dollars (approximately 5.4tri/).
The business mogul is ranked 13th in Africa’s rich list but takes the lead in East and Central Africa.
The Tanzanian magnate has, for 12 years in the row, maintained the status, despite unpredictable Africa’s business environment caused by certain factors such as inflation, technological changes, political decisions or conflicts, new government regulations and natural disasters.
Mo Dewji, is considered Africa’s youngest billionaire simply because among the richest people who appear in the list of 23, he is the only one who is not more than 50 years of age.
He has committed to donating at least half of his fortune to philanthropic causes.
He formalized this commitment in 2016 by signing The Giving Pledge, joining a group of the world’s wealthiest individuals who pledged to giving back.
Mo Dewji, who grew up in Singida, and studied finance and international business and theology for his university degree at Georgetown University in the US, has been quoted several times as saying that growing up, he always wanted to become wealthy but as time went by he realised that money was not the most important thing.
ALSO READ: Mo Dewji climbs Africa’s rich list
As CEO of METL Group, he transformed his family’s commodities business into a conglomerate with interests in manufacturing, agriculture, trading and beverages, operating in 11 countries.
The Group has over 150 products, including agriculture, textiles, edible oils, and soap, and the group employs roughly over 40,000 people and contributes significantly to Tanzania’s GDP.
Forbes Magazine says the list of African billionaires involves those who reside in Africa or have their primary businesses in the continent. Net worth [of individual billionaires] is calculated using stock prices and currency exchange rates.
Aliko Dangote remains the richest of all, with an estimated net worth of 28.5 billion US dollars.
South Africa remains the region with the most billionaires, home to 7 of the continent’s 23, followed by Egypt (with 5), Nigeria (4) and Morocco (3).
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