Billionaire Mohammed Dewji puts nearly $680 million behind African expansion

Tanzanian billionaire Mohammed “Mo” Dewji is putting nearly $680 million behind an aggressive expansion across Africa as he works to transform his MeTL Group into a $10 billion business by 2035.

Dewji has disclosed projects and investment commitments across Tanzania, Kenya and Mozambique that could reach about $680 million in 2026. The figure includes about $577.3 million in announced projects and commitments, rising to approximately $677.3 million when his conditional $100 million offer to invest in Nigerian billionaire Aliko Dangote’s proposed Kenyan refinery is included.

The expansion is being driven through MeTL Group, the conglomerate founded by Dewji’s father and now led by the billionaire. The group has interests spanning manufacturing, beverages, agriculture, energy, minerals, tourism and logistics and operates across 11 African countries. Business Insider Africa reported that Dewji is using the expansion to build a more pan-African business as he targets $10 billion in revenue by 2035.

Mozambique accounts for the largest single commitment in the latest expansion push. Dewji pledged more than $250 million after meeting President Daniel Chapo, with the investment expected to create about 20,000 jobs. MeTL has said the investment will cover opportunities across several sectors, although it has not disclosed how the full amount will be allocated among individual projects.

Kenya is also attracting significant capital from the Tanzanian billionaire. MeTL announced plans in May to invest $50 million in a soft-drinks manufacturing plant in Mombasa. The facility is expected to produce brands including Mo Cola, Mo Xtra and Mo Malto as Dewji seeks to expand his consumer-products business in the Kenyan market.

Dewji has separately offered $100 million toward Dangote’s proposed $17 billion refinery project in Kenya. Because that investment remains conditional, Business Insider Africa excluded it from the confirmed $577.3 million total but included it when calculating the potential investment pipeline of nearly $680 million.

At home in Tanzania, Dewji is committing about $275 million to graphite mining, positioning MeTL to benefit from rising demand for minerals used in electric-vehicle batteries and energy-storage systems. The group also signed a more than €2 million deal for Italian-built grain silos and industrial equipment to expand its grain-storage operations.

Dewji's expansion is not limited to industrial businesses. He is also developing a luxury tourism portfolio, including plans for an ultra-luxury resort on a 150-hectare island near Zanzibar and a lodge in the Serengeti. The investment amounts for those projects have not been disclosed and are therefore not included in the nearly $680 million figure.

Botswana could become the next market in the expansion. Dewji recently met President Duma Boko, Vice President and Finance Minister Ndaba Gaolathe, the governor of the Bank of Botswana and leaders of the Botswana Stock Exchange to explore investment opportunities. Discussions included renewable energy, financial services and capital markets, but no investment has yet been signed or valued.

Forbes values Dewji's fortune at about $2.1 billion, according to Business Insider Africa, making him Tanzania's only billionaire. Much of his wealth is tied to MeTL, which has grown from its roots as a trading business into one of East Africa's largest privately owned conglomerates.

The latest investment push shows Dewji moving beyond Tanzania and building a wider African footprint. With projects spanning manufacturing, mining, agriculture, energy and tourism, the billionaire is betting that MeTL's next phase of growth will come from investing across the continent rather than relying solely on its home market.