Key Factors
- Tanzania’s richest man, Mohammed Dewji, has gained $400 million this 12 months, regardless of a cyberattack that hijacked his X account to advertise a fraudulent crypto token.
- Dewji’s wealth surge is tied to MeTL Group’s enlargement throughout Africa, overcoming international crises and provide chain disruptions to drive income previous $2 billion.
- MeTL plans a $150-million funding in hybrid tea plantations and a possible $4-billion IPO in New York or London to spice up Tanzania’s agricultural exports.
Greater than 4 weeks after hackers hijacked his X account to promote a cryptocurrency token bearing Tanzania’s name, the nation’s richest man, Mohammed Dewji, has seen his internet price climb to $2.2 billion. He strongly denied any involvement within the token or the rip-off submit created from his account, but his wealth has continued to rise, additional cementing his place amongst Africa’s richest people.
In keeping with Forbes, which tracks the fortunes of the world’s wealthiest folks, Dewji stays East Africa’s richest particular person. His internet price has jumped by $400 million for the reason that begin of the 12 months, rising from $1.8 billion on Jan. 1 to $2.2 billion on the time of this report. This comes after a $300 million increase in 2024, when his fortune grew from $1.5 billion to $1.8 billion regardless of a difficult financial local weather.
Dewji’s wealth rises amid MeTL’s enlargement
A lot of Dewji’s wealth is tied to the success and enlargement of MeTL Group, the conglomerate he leads, which operates throughout Tanzania, Kenya, Mozambique, and several other different African international locations. The corporate has confronted rising prices of uncooked supplies and power resulting from international crises like Russia’s invasion of Ukraine, in addition to geopolitical tensions and climate-related disruptions. Regardless of these challenges, MeTL’s diversified operations throughout 11 international locations have helped gasoline Dewji’s monetary positive factors.
The newest surge in his internet price comes simply weeks after he raised considerations about cybersecurity and the rising use of deepfake know-how in monetary scams. Hackers took over his X account on Feb. 5 to advertise a fraudulent cryptocurrency token, deceptive buyers into pouring $1.48 million into the scheme inside hours. In keeping with blockchain analytics agency Lookonchain, the token’s market cap soared to $10.54 million in simply 39 minutes earlier than crashing under $125,000 by the point Dewji regained management of his account.
Tanzania’s MeTL eyes international agricultural progress
MeTL Group, Tanzania’s largest non-public employer, has performed a key position in Dewji’s wealth enlargement. Based within the Seventies by his father, Gulamabbas Dewji, the corporate began as a small buying and selling enterprise earlier than rising into an financial powerhouse below Dewji’s management. Since he took over as CEO and President in 2005, MeTL’s income has soared from $30 million to $2 billion, pushed by product growth, service enlargement, and technological innovation.
Wanting forward, Dewji has laid out an ambitious $150-million investment plan to expand MeTL’s agricultural and regional footprint. Of that, $50 million is earmarked for growing 1000’s of hectares of hybrid tea plantations to strengthen Tanzania’s tea exports. He additionally goals to checklist an agricultural subsidiary price as much as $4 billion on both the New York or London inventory exchanges, tapping into funding from worldwide growth banks.
