Tanzania’s richest man Mohammed Dewji to invest $275 million in mining & tourism

Tanzania’s richest man, Mohammed Dewji, is expanding his business empire into graphite mining and luxury tourism as global demand for electric vehicle (EV) battery minerals and high-end African travel continues to rise.

According to a Bloomberg report, the billionaire plans to invest about $275 million in graphite mining through his diversified conglomerate, MeTL Group, with commercial production expected to begin within the next 18 months.

The move forms part of a broader strategy to more than triple the group’s annual revenue to $10 billion by 2035.

What they are saying

Speaking in an interview with Bloomberg, Dewji said the company is already working with European partners to understand battery-grade graphite specifications, while members of his team are in China sourcing graphite processing technology.

• “I am already working very, very closely with some European partners to be able to understand what quality of a product they require,” Dewji said.

Dewji’s latest investment comes as governments and automakers seek to diversify critical mineral supply chains away from China, which dominates global graphite mining and processing.

Initially, MeTL plans to produce graphite with around 94% purity, supplying Chinese refiners before upgrading production to battery-grade material for direct exports to Europe, Japan and South Korea.

According to BloombergNEF (BNEF), the global graphite market is expected to enter a supply deficit in the early 2030s as demand accelerates alongside the global energy transition and electric vehicle adoption.

Graphite is one of the key minerals used in lithium-ion batteries, with demand projected to increase sharply as countries expand electric mobility and renewable energy storage.

What you should know

The mining investment marks another diversification move for MeTL Group, one of East Africa’s largest privately owned conglomerates. Nairametrics reported that Dewji had expressed interest in investing $100 million in Aliko Dangote’s proposed oil refinery in Kenya, a project expected to become one of Africa’s largest refining facilities as the Nigerian industrialist expands his footprint across East Africa.

• Dewji’s company manufactures more than 50 product categories, operates in 11 African countries, and employs over 40,000 people across agribusiness, food processing, fast-moving consumer goods (FMCG), financial services and logistics.
• Dewji said the company is also increasing investments in agriculture as part of its long-term growth strategy.
• He has acquired a 150-hectare island near Zanzibar, where he plans to develop an ultra-luxury resort in partnership with an international hospitality operator. He has also secured a concession in Tanzania’s Serengeti National Park to build a luxury lodge targeting affluent international tourists.

Dewji, widely known as “Mo,” is Africa’s youngest billionaire and has transformed MeTL Group into one of the continent’s largest industrial conglomerates. His latest investments reflect a growing trend among African billionaires to diversify into sectors benefiting from global megatrends, including critical minerals for the clean energy transition and premium tourism.