20 richest people in Tanzania

Tanzania’s economy is entering a new growth cycle, fueled by billionaire investors, stock market expansion and industrial diversification.

The Dar es Salaam Stock Exchange (DSE) market capitalization has climbed to Tsh33.75 trillion ($13.07 billion), reflecting renewed investor confidence and stronger corporate earnings.

This marks a significant recovery compared to the previous year, when liquidity pressures and slower global demand tempered market performance. While select sectors posted earnings declines, overall valuations rebounded sharply on new listings and stronger banking stocks.

CRDB Bank leads with a Tsh7.68 trillion ($2.97 billion) valuation, followed closely by NMB Bank at Tsh7.01 trillion ($2.71 billion). Financial stocks have outperformed despite margin pressures earlier in the year. The DSE’s rise mirrors broader economic momentum driven by infrastructure expansion and foreign investment inflows.

Manufacturing magnate Mohammed Dewji continues expanding MeTL Group across agro-processing and textiles, contributing up to 5% of national GDP. Telecom and energy investor Rostam Aziz has shifted capital into natural gas, logistics and mining following his Vodacom Tanzania exit.

Fintech entrepreneur Benjamin Fernandes is scaling cross-border payments platform NALA across Europe and North America. Energy and logistics leaders Ally Edha Awadh and Edha Nahdi are consolidating regional dominance through petroleum, cement and industrial acquisitions.

Tourism anchored by Serengeti and Ngorongoro continues attracting foreign capital. Meanwhile, manufacturing, fintech and mining are expanding production capacity.

Despite earnings volatility in select industries earlier in the year, Tanzania’s billionaire-led investments are stabilizing capital markets and accelerating wealth creation.

Shore Africa’s list of 20 leading investors highlights the entrepreneurs shaping Tanzania’s economic future.

1. Mohammed Dewji
Net Worth: $2.2 billion
Mohammed Dewji, CEO of Mohammed Enterprises Tanzania (MeTL) Group, is Tanzania’s richest man, with a net worth of $2.2 billion. He owns a majority stake in MeTL, one of East Africa’s largest industrial conglomerates, operating in 11 countries across sectors ranging from agriculture to financial services. Under his leadership, MeTL contributes 3.5 to 5% of Tanzania’s GDP and generates more than $1.5 billion to $2 billion in annual revenue. Beyond business, Dewji is a dedicated philanthropist. Through the Mo Dewji Foundation, he funds scholarships and social programs aimed at improving education and healthcare. In 2023, he launched a $4-billion agriculture project, backed by development banks, to strengthen Africa’s food security.

2. Rostam Aziz
Rostam Aziz, Tanzania’s first billionaire, has built a diverse empire spanning telecoms, energy, aviation, media, and mining. After selling his 35% stake in Vodacom Tanzania for nearly $500 million, he turned his focus to expanding his holdings through Selous LLC, his Dubai-based family office. His telecom assets include MIC Tanzania, a joint venture with Malagasy businessman Hassanein Hiridjee’s Axian Group, giving him stakes in Tigo Tanzania and Zantel. In energy, he owns Taifa Gas, the country’s largest LPG distributor, with operations in Uganda, Rwanda, and South Sudan. He also controls Caspian Limited, Tanzania’s dominant mining contractor, and has interests in media, aviation, and conservation. Aziz owns Swahili-language publisher New Habari (2006) Ltd., Coastal Aviation, one of Tanzania’s top safari airlines, and Wembere Hunting Safaris, which manages elite private hunting concessions. In the manufacturing sector, his $25-million Taifa Leather factory in Morogoro is Tanzania’s largest leather processor. While he keeps a low profile, his strategic investments continue to shape Tanzania’s economy.

3. Said Bakhresa
Said Bakhresa, one of Africa’s most successful industrialists, built his fortune from humble beginnings. He started with a small restaurant in the 1970s and gradually expanded into a business empire that now spans more than 40 companies across East and Southern Africa. His flagship company, Said Salim Bakhresa & Company Limited, dominates Tanzania’s wheat milling and logistics sectors. He also owns Azam TV, a major competitor to MultiChoice in the pay-TV market, and AzamPay, a fintech company driving digital payments in East Africa. His interests extend to hospitality with Hotel Verde Zanzibar, as well as marine and aviation transport through Azam Marine and Azam Aviation.

4. Jacqueline Mengi 
Jacqueline Mengi, widow of the late media tycoon Reginald Mengi, is Tanzania’s richest woman and a powerful force in business. After her husband’s passing in 2019, she took over a vast empire spanning media, bottling, mining, and manufacturing. IPP Media Group, one of Africa’s largest media conglomerates, operates newspapers, radio and television stations, and digital platforms. Bonite Bottlers, the exclusive Coca-Cola bottler in northern Tanzania, and Kilimanjaro Water, the country’s best-selling bottled water brand, are key parts of her portfolio. Her mining company, IPP Resources, has interests in gold, uranium, copper, and coal. Beyond business, she is known for her philanthropic efforts and advocacy for women’s empowerment. She continues her late husband’s legacy, overseeing projects like a stem cell research center and an automobile assembly plant. 

5. Ally Edha Awadh
Ally Edha Awadh, the founder and CEO of Lake Group, has turned his company into one of East and Central Africa’s fastest-growing energy and logistics conglomerates. Starting with a small fuel distribution business in 2006, he has since built a diversified industrial empire. Lake Group is a major player in petroleum trading, storage, and distribution, with operations in Tanzania, Uganda, Zambia, DRC, Rwanda, and Burundi. The company owns over 400 tankers and strategically positioned oil storage terminals, reinforcing its influence in the region’s energy market. Beyond energy, Awadh has expanded into the liquefied petroleum gas (LPG) sector with Lake Gas and ventured into manufacturing with Middle East Ready Mix LLC and a steel production plant. His business interests also extend internationally, with investments in the UAE and Canada. From flipping burgers as a student in Canada to leading a billion-dollar company, Awadh’s success reflects his sharp business acumen.

6. Edha Nahdi
Edha Nahdi, the Managing Director of Amsons Group, has built a solid reputation in East Africa’s business world, leading one of the region’s most diversified conglomerates. His journey as an entrepreneur started early, at just 19, he founded Camel Oil Tanzania, a petroleum company that became the foundation for what would later grow into a vast business empire. Over the years, he expanded Amsons Group into petroleum, cement manufacturing, real estate, and logistics, turning it into a major force in East Africa’s economy. A defining moment in Nahdi’s career was the $182-million acquisition of Bamburi Cement, Kenya’s largest cement producer. The deal not only strengthened Amsons Group’s presence in the construction materials industry but also reinforced Nahdi’s influence in the region’s industrial sector. By taking over Bamburi, the company secured a dominant position in East Africa’s cement market, benefiting from increased production capacity and an extensive distribution network. With Nahdi at the helm, Amsons Group continues to grow, using its diverse business portfolio to expand across multiple industries. His ability to navigate complex markets and execute major acquisitions has established him as one of East Africa’s most influential business leaders.

7. Seif Ali Seif
Seif Ali Seif, the reclusive Tanzanian tycoon behind Super Group, has built a sprawling business empire with annual revenues exceeding $200 million. Though he avoids the spotlight, his influence is felt across multiple industries, including sugar production, logistics, and manufacturing. His company, Kagera Sugar Limited, is Tanzania’s third-largest sugar producer, while Mtibwa Sugar Estate is another key player in the market. His logistics firm, Superstar Forwarders, operates a fleet of over 200 trucks, ensuring a strong presence in regional trade. Seif also has a stake in manufacturing, owning Superdoll Trailer Manufacture, Pipes Industries Co. Ltd., and Superretread Tyres Co. Ltd. His low profile contrasts with his far-reaching impact on Tanzania’s industrial landscape.

8. Ketan Patel
Ketan Patel, a Tanzanian gold magnate, has established himself as a major force in East Africa’s mining industry. He is the founder of Shanta Gold Limited, a London-listed gold producer with a strong foothold in Tanzania’s mineral-rich regions. Since its launch in 2001, the company has secured exploration licenses covering 1,100 square kilometers, making it a key player in the country’s gold sector. Patel owns a 4.22 percent stake in Shanta Gold, totaling 44,274,017 shares. His influence in the industry is anchored in Shanta Gold’s flagship operation, the New Luika Gold Mine in southwestern Tanzania, which has consistently delivered tens of thousands of ounces of gold annually. The company has also expanded its footprint with the Singida Gold Project, further strengthening Patel’s presence in the sector. Despite market fluctuations, Patel remains a driving force in Tanzania’s mining industry, leveraging his expertise and strategic investments. Beyond gold, he has diversified into real estate and private equity, further growing his wealth. With a net worth of $15 million, he is among Tanzania’s most prominent business figures.

9. Hans Aingaya Macha
Hans Aingaya Macha, a dynamic force in Tanzania’s hospitality sector, emerges as one of CRDB Bank’s largest shareholders with over 1 percent stake. His entrepreneurial acumen is evident in his substantial investments in Tanzania.

10. Haroon Zakaria
Haroon Zakaria is a Tanzanian entrepreneur who founded Murzah Oil, one of East Africa’s leading manufacturers of edible oils, toilet and laundry soaps, vegetable cooking fat, baking fat and margarine. Since the company’s founding in 1997, it has grown into a leading player in the country, with a revenue of more than $100 million annually. 

11. Ghalib Said Mohamed
Ghalib Said Mohamed is a dominant force in East Africa’s business landscape. His wealth stems from the GSM Group, a diversified conglomerate with interests spanning logistics, retail, manufacturing, and financial services. He owns Galco Transport & Logistics, which operates a fleet of over 700 trucks and 20 warehouses, as well as GSM Retail, a franchise partner for global brands like Splash and Anta Sports. His portfolio includes GSM Mall, GSM Spares, GSM Foam, GSM Steel, and GSM Petroleum, positioning him as a key player in Tanzania’s trade and industrial sectors. 

12. Shekhar Kanabar
Shekhar Kanabar is the CEO of Synarge Group, a 59-year-old family-owned Tanzanian conglomerate with investments and active operations in manufacturing, battery recycling and automotive spare parts. The 44-year-old businessman amassed the majority of his wealth from family investments and through Synarge Group, the family business that his father founded in the 1960s. Since the conglomerate’s founding in the 1960s, it has evolved from a cloth-trading business in Dar es Salaam to become a multi-industry enterprise with more than 150 employees and millions of dollars in revenue through Kanakabar’s strategic decisions. 

13. David Ridge
David Ridge is a dynamic investor making his mark in the energy sector. Ridge built his reputation on a foundation of keen market insight and a relentless drive for innovation. His breakthrough came when he secured a strategic 4.69% stake in Swala Oil and Gas, a move that not only diversified his portfolio but also positioned him as a forward-thinking player in a highly competitive industry. Over the years, Ridge has cultivated a deep understanding of the complex oil and gas landscape, leveraging his expertise to explore emerging opportunities and drive sustainable growth. His investments reflect a blend of traditional energy acumen and a modern approach to risk and reward, underscoring his commitment to reshaping the future of energy markets. 

14. Benjamin Fernandes
Benjamin Fernandes, founder and CEO of NALA, is redefining cross-border payments in Africa. In 2017, he became the first Tanzanian to attend both Stanford GSB and Harvard Kennedy School for executive education. Under his leadership, NALA has expanded across Europe, the UK, and the US, facilitating seamless money transfers to Africa. He led the company’s $40 million Series A to fuel global expansion and build its own payment infrastructure, following a $10 million raise in 2022. A visionary entrepreneur, Fernandes is positioning NALA as a major force in global fintech, transforming payments for the African diaspora and beyond. 

15. Fida Hussein Rashid
Fida Hussein Rashid, the visionary founder and executive chairman of Africarriers Group, is one of Tanzania’s pioneering entrepreneurs. His journey began in 1973, when he launched Africarriers Group, revolutionising the trade in secondhand vehicles and breaking new ground in Tanzania’s emerging automotive market. Today, Africarriers has grown into a market leader by securing exclusive distribution rights for renowned brands such as Eicher and Golden Dragon, while also making strategic forays into real estate with flagship projects like Raha and Zahra Towers. Beyond his core ventures, Rashid’s innovative spirit and relentless drive have continually reshaped the business landscape in East Africa, setting new benchmarks for entrepreneurial success in the region. 

16. Abdulaziz Abood
Abood Group, Bushman Hunting Safaris, and MA Cargo Truckers & Forwarders Abdulaziz Abood, the founder and executive chairman of Abood Global Ventures, is one of the region’s most influential business leaders. His journey began in 2001 when he launched Abood Telecom, boldly challenging long-standing regulatory monopolies in the telecom sector. Today, his conglomerate operates in over 15 countries across the Middle East and Africa, with Abood holding a 40% stake in his publicly traded company and substantial interests in a cutting-edge mobile finance platform. Beyond telecoms, he has diversified into fintech, renewable energy, and smart infrastructure, cementing his reputation as a visionary entrepreneur. His global influence is further reflected in his board appointments at several multinational firms. At the same time, his philanthropic work, championed through the Abood Foundation, co-founded with his wife, focuses on advancing education and social development across the region.

17-18. Aunali and Sajjad Rajabali
The Tanzanian tycoon is the founder of Plasco Tanzania, a manufacturer of HDPE and UPVC pipes and fittings. Aunali and his brother, Sajjad Rajabali, are the largest investors on the Dar es Salaam Stock Exchange. They each own a 2.65-percent stake in NMB Bank and 1.28 percent of CRDB. They also each own a 4.81-percent stake in the Dar es Salaam Stock Exchange. Furthermore, He and his brother also hold a 2.6 percent interest in CRDB Bank PLC, which is Tanzania’s largest commercial bank by assets, and their investment has seen considerable growth over the past few years. In addition to their operations in Tanzania, the Rajabali brothers have diversified their investments into Kenya, obtaining significant stakes in Equity Group Holdings and KenolKobil, showcasing their strategic investment strategy throughout East Africa.

19. Michele De Mestres
Michele De Mestres is a focused investor in Africa’s energy sector. His strategic 4.69% stake in Swala Oil and Gas underscores his early recognition of Tanzania’s untapped potential in oil and gas exploration. Michele’s journey in investment began with a sharp focus on emerging energy opportunities in the East African Rift, where Swala has carved out a niche in exploring vast hydrocarbon reserves. By aligning his portfolio with forward‐looking companies like Swala, he has demonstrated an acute understanding of the region’s dynamics and a commitment to sustainable growth. As he continues to evaluate new opportunities in the energy market, Michele’s investment acumen remains central to his efforts to support Africa’s broader economic transformation. 

20. Sayed Kadri
Tanzanian entrepreneur Sayed Kadri proudly presents a diversified stock portfolio on the Dar es Salaam bourse, encompassing about 0.6% of Tanzania Portland Cement, a minority stake in Swissport Tanzania, and Tanzania Cigarette Public Limited.