In the latest rankings published on Monday Forbes Magazine has ranked Mr Dewji, fondly known as Mo, as the 13th richest individual in Africa and the 1,913th globally with a fortune of $1.5 billion. In last year’s list, Mo was ranked 15th.
Mo has managed to maintain the level he attained in last year’s rankings despite the fact that Africa’s wealthiest people shed a combined $3.1 billion during the period from January to December, 2022.
Mo’s Mohamed Enterprises Tanzania Limited (MeTL) Group is active in textile manufacturing, flour milling, beverages and edible oils.
Forbes Magazine says the list of African billionaires involves those who reside in Africa or have their primary businesses in the continent. Net worth [of individual billionaires] was calculated using stock prices and currency exchange rates from the close of business on Friday, January 13, 2023, according to Forbes.
“To value privately held businesses, we start with estimates of revenues or profits and apply prevailing price-to-sale or price-to-earnings ratios for similar public companies,” Forbes writer Rob Lafranco writes in the Magazine.
Topping the list is Nigerian industrialist Aliko Dangote with $13.5 billion, followed by South African Johann Rupert with $10.9 billion.
As a group, according to the list, the continent’s 19 billionaires are worth an estimated $81.5 billion – down from $84.9 billion a year ago. MeTL has operations in at least six other countries in eastern and southern Africa.
MeTL, a Tanzanian conglomerate founded by his father in the 1970s
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
