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.
1. 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.
2. 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.