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Ten Tanzanian Multi-Millionaires You Should Know
The number of Tanzania’s centi-millionaires continues to grow substantially as economic growth in the country outstrips that of other countries in the East African region.
Apart from the easily recognizable names like Mohammed Dewji, Rostam Azizi and Said Salim Bakhresa, there are other less recognizable Tanzanian businessmen who have built multi-million and billion dollar empires in industries as diverse as agriculture, food, construction, energy and distribution and earned multi-million dollar fortunes to boot.
Their names don’t ring with the African public, and you’ve probably never heard about them before, but they are very successful — and very wealthy.
Meet 10 Tanzanian businessmen, who own businesses with annual revenues of $50 million or more.
Ally Awadh
Source: Oil marketing & transportation
Tanzanian oil trader Ally Edha Awadh is the founder and CEO of Lake Oil Group, one of East Africa’s fastest-growing energy trading and transportation conglomerates. Awadh founded the company in 2006 at age 26, when he received a highly coveted license from the Tanzanian government to import and market petroleum products in the domestic market. Success has been swift for Awadh. Lake Oil Group is now one of the 5 largest distributors of petroleum products in Tanzania and exports to neighboring countries including D.R.Congo, Zambia, Burundi and Rwanda. The company also has a 35 million-liter storage depot at Kigamboni, Dar es Salaam and another depot in Mbeya, a commercial city in the country’s southwest region. The transport/haulage arm of the company, Lake Trans, owns and operates close to 500 trucks and serves as a regional contractor for commodities giants like Trafigura and Augusta.
Shekhar Kanabar
Source: Battery Recycling
Shekhar Kanabar, 35, is the CEO of Synarge Group, a 50 year-old family-owned Tanzanian conglomerate that has its tentacles in lead manufacturing, battery recycling and automotive spare parts. Kanabar’s father founded the business in the 60s as a cloth trading business, but the business has since grown to become one of multi-company enterprise with more than 150 employees and millions of dollars in revenue.
Shubash Patel
Source: Diversified
In 1992 Shubash Patel started a rolling mill business in Dar-Es-Salaam. In the span of two decades, he has parlayed that business into the Motisun Group, a conglomerate that comprises of more than 15 different companies in the steel, mining, plastics, paints, food processing and real estate industries. Motisun Group owns a collection of some of Tanzania’s finest hotels and resorts, including the popular Sea Cliff Resort in Zanzibar and the Hotel White Sands in Dar es Salaam.
Ghalib Said Mohamed
Source: Diversified
Tanzanian multi-millionaire Ghalib Said Mohamed got his early start in business by working for his father’s cashew farming and general trading business. He soon broke out on his own and founded the GSM Group, a diverse Tanzanian conglomerate that deals with general trading, transportation, logistics, media, manufacturing, real estate, retailing and financial services.
Fida Hussein Rashid
Source: Automobiles
In 1973 Fida Hussein Rashid founded the Africarriers Group, a pioneer in the trading of second hand vehicles in Tanzania. Africarriers went on to become one of the first companies in East Africa to import Japanese cars such as Toyota into the East Africa. The company today is the exclusive distributor for brands such as Eicher and Golden Dragon.
Salim Turky
Source: Diversified
Salim Turky is a Member of Parliament in Tanzania, but he is also one of the country’s most accomplished businessmen. The Zanzibar-based Turkys Group of Companies which Salim Turky founded in the 1980s is active in cement manufacturing, beverages, hotels, hospitals and telecommunication services. Two of his sons are in charge of the day-to-day running of the company.
Yogesh Manek
Source: Financial services
Manek founded the MAC Group in Tanzania in 1980. Its most prominent business is EXIM Bank, one of the 3 largest banks in Tanzania in terms of customer and asset base. He also owns the Heritage Insurance company and Strategis, the country’s leading health maintenance organization (HMO).
Abdulaziz Abood
Source: Diversified
Abdulaziz Abood, one of Tanzania’s most prominent politicians and businessmen, is the founder of Abood Group, a conglomerate with interests in everything from intercity bus transportation, petroleum distribution, media and hunting safaris. He currently serves as a Member of Parliament.
Yusuf Manji
Source: Diversified
Manji inherited a small trading company from his parents and parlayed it into the Quality Group, a Tanzanian conglomerate with interests in financial services, healthcare, food processing and property development. Manji is the chairman of Young Africans SC, arguably the most successful football club in Tanzania.
Haroon Zakaria
Source: Edible oils
Murzah Oils, the company which Haroon Zakaria founded in 1997, is one of East Africa’s leading manufacturers of edible oils, toilet and laundry soaps, vegetable cooking fat, bakers’ fat and margarine. The company records revenue of more than $100 million annually.
Ten Tanzanian Multi-Millionaires You Should Know
The number of Tanzania’s centi-millionaires continues to grow substantially as economic growth in the country outstrips that of other countries in the East African region.
Apart from the easily recognizable names like Mohammed Dewji, Rostam Azizi and Said Salim Bakhresa, there are other less recognizable Tanzanian businessmen who have built multi-million and billion dollar empires in industries as diverse as agriculture, food, construction, energy and distribution and earned multi-million dollar fortunes to boot.
Their names don’t ring with the African public, and you’ve probably never heard about them before, but they are very successful — and very wealthy.
Meet 10 Tanzanian businessmen, who own businesses with annual revenues of $50 million or more.
Ally Awadh
Source: Oil marketing & transportation
Tanzanian oil trader Ally Edha Awadh is the founder and CEO of Lake Oil Group, one of East Africa’s fastest-growing energy trading and transportation conglomerates. Awadh founded the company in 2006 at age 26, when he received a highly coveted license from the Tanzanian government to import and market petroleum products in the domestic market. Success has been swift for Awadh. Lake Oil Group is now one of the 5 largest distributors of petroleum products in Tanzania and exports to neighboring countries including D.R.Congo, Zambia, Burundi and Rwanda. The company also has a 35 million-liter storage depot at Kigamboni, Dar es Salaam and another depot in Mbeya, a commercial city in the country’s southwest region. The transport/haulage arm of the company, Lake Trans, owns and operates close to 500 trucks and serves as a regional contractor for commodities giants like Trafigura and Augusta.
Shekhar Kanabar
Source: Battery Recycling
Shekhar Kanabar, 35, is the CEO of Synarge Group, a 50 year-old family-owned Tanzanian conglomerate that has its tentacles in lead manufacturing, battery recycling and automotive spare parts. Kanabar’s father founded the business in the 60s as a cloth trading business, but the business has since grown to become one of multi-company enterprise with more than 150 employees and millions of dollars in revenue.
Shubash Patel
Source: Diversified
In 1992 Shubash Patel started a rolling mill business in Dar-Es-Salaam. In the span of two decades, he has parlayed that business into the Motisun Group, a conglomerate that comprises of more than 15 different companies in the steel, mining, plastics, paints, food processing and real estate industries. Motisun Group owns a collection of some of Tanzania’s finest hotels and resorts, including the popular Sea Cliff Resort in Zanzibar and the Hotel White Sands in Dar es Salaam.
Ghalib Said Mohamed
Source: Diversified
Tanzanian multi-millionaire Ghalib Said Mohamed got his early start in business by working for his father’s cashew farming and general trading business. He soon broke out on his own and founded the GSM Group, a diverse Tanzanian conglomerate that deals with general trading, transportation, logistics, media, manufacturing, real estate, retailing and financial services.
Fida Hussein Rashid
Source: Automobiles
In 1973 Fida Hussein Rashid founded the Africarriers Group, a pioneer in the trading of second hand vehicles in Tanzania. Africarriers went on to become one of the first companies in East Africa to import Japanese cars such as Toyota into the East Africa. The company today is the exclusive distributor for brands such as Eicher and Golden Dragon.
Salim Turky
Source: Diversified
Salim Turky is a Member of Parliament in Tanzania, but he is also one of the country’s most accomplished businessmen. The Zanzibar-based Turkys Group of Companies which Salim Turky founded in the 1980s is active in cement manufacturing, beverages, hotels, hospitals and telecommunication services. Two of his sons are in charge of the day-to-day running of the company.
Yogesh Manek
Source: Financial services
Manek founded the MAC Group in Tanzania in 1980. Its most prominent business is EXIM Bank, one of the 3 largest banks in Tanzania in terms of customer and asset base. He also owns the Heritage Insurance company and Strategis, the country’s leading health maintenance organization (HMO).
Abdulaziz Abood
Source: Diversified
Abdulaziz Abood, one of Tanzania’s most prominent politicians and businessmen, is the founder of Abood Group, a conglomerate with interests in everything from intercity bus transportation, petroleum distribution, media and hunting safaris. He currently serves as a Member of Parliament.
Yusuf Manji
Source: Diversified
Manji inherited a small trading company from his parents and parlayed it into the Quality Group, a Tanzanian conglomerate with interests in financial services, healthcare, food processing and property development. Manji is the chairman of Young Africans SC, arguably the most successful football club in Tanzania.
Haroon Zakaria
Source: Edible oils
Murzah Oils, the company which Haroon Zakaria founded in 1997, is one of East Africa’s leading manufacturers of edible oils, toilet and laundry soaps, vegetable cooking fat, bakers’ fat and margarine. The company records revenue of more than $100 million annually.
