Mohammed Dewji, East Africa’s Richest Man has expressed confidence in his beverage brand, Mo Extra, to compete favourably for market share with top brands like Pepsi and Coca-Cola.
The beverage is one of Dewji’s highest-selling physical products. Speaking during an interview with CNN’s Connecting Africa, Tanzania’s only billionaire hinted that “he is placed to compete with global brands such as Proctor and Gamble and Unilever.”
In 2022, the carbonated soft drink sold over a billion bottles and is poised to quadruple that in the coming months. His line of production cuts across products that are needed daily, which positions him as a competitor with giant brands.
“You are talking of an economy of about $70 billion dollars, now when you are talking of revenue of about $2.5 billion then you cannot be in one business and that is why I am in over 150 different product lines,” Dewji says.
The billionaire also revealed plans to establish factories in every location where Pepsi and Coca-Cola can be found. He’s optimistic that the 1 billion bottles Mo Extra sold in 2022 would increase to 3-4 billion bottles in the next 24 to 36 months.
How did East Africa’s richest person start?
Mohammed Dewji started his career when he graduated from Georgetown University, Washington, D.C. with a bachelor’s degree in international business and finance and a minor in theology. After graduation, he joined his father’s company, Mohammed Enterprises Tanzania Limited, METL Group and grew from the bottom to the top.
Currently, he is the CEO of METL, which is active in textile manufacturing, flour milling, beverages and edible oils. It operates in at least six African countries, including Rwanda, Mozambique, Uganda and Mozambique. He has been credited for growing the company’s revenues from $ 30 million to over $1.5 billion.
Recently moving from the 15th position to the 13th position on the Forbes List of Africa’s wealthiest people, Dewji boasts a net worth of $1,5 billion. At age 25, The young billionaire served as a Member of the Tanzanian Parliament for Chama Cha Mapinduzi for 10 years (2005-2015).
The CEO is also known for his philanthropic acts. He established the Mo Dewji Foundation in 2014. In 2016, he pledged to give at least half of his wealth to philanthropic causes, through the Giving Pledge.
Mo Dewji’s influence in East Africa
Tanzania’s billionaire who won Forbes Africa’s Person Of The Year in 2015, claimed that Africans now possess enough funds to purchase goods produced by his company. This comes as his businesses create a total of 35,000 jobs in East Africa. His company has also made a series of strategic investments in the sisal industry.
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