Mengi: Billionaire who started by selling pens
Dar es Salaam. When Forbes Magazine put Reginald Mengi’s fortune at around USD550 million (Sh55 billion) a few years ago, few would have realised that he actually started by selling ballpoint pens.
In fact, with Tanzania experiencing shortage of almost everything during the mid-1983 to 1984, the Tanzanian dollar millionaire, who died in Dubai, had to sweat to get the ballpoint pens, he wrote in his book: I Can, I Must, I Will.
With the government resorting to harassment and detention of traders as it accused them of hoarding the basic necessities during that time, Mr Mengi actually jerked his entrepreneurial spirit and decided to start importing the products from Kenya.
He was denied a USD4,000 (Sh400,000) loan from then government-owned National Bank of Commerce (NBC) but he remained focused and decided to talk to fellow businesspeople in Kenya and finally, it worked out.
TRANSPORT PENS
Amid challenges, including the lorry, which was transporting the pens from Mombasa, Kenya to Tanzania, getting a breakdown at Horohoro, he finally made it.
“When the components arrived I didn’t know where to put them. So, the best place was my bedroom and it was in that bedroom that I started the assembly of the pens,” he told Forbes Africa magazine in its July 2014 edition.
Amid challenges, including the lorry, which was transporting the pens from Mombasa, Kenya to Tanzania, getting a breakdown at Horohoro, he finally made it.
“When the components arrived I didn’t know where to put them. So, the best place was my bedroom and it was in that bedroom that I started the assembly of the pens,” he told Forbes Africa magazine in its July 2014 edition.
This partly explains the story of Mr Mengi, the founder, owner and executive chairman of IPP Limited and IPP Institute of Technology and Innovation.
MEDIA
IPP has interests in print and electronic media. It also owns Bonite Bottlers.
Mr Mengi also has interests in mining, oil and gas, CNG, pharmaceuticals, large scale horticulture, automobiles, cement and in other manufacturing businesses.
The story of Mengi, who was born in 1944, goes back to Nkuu Village, Machame in Kilimanjaro where he grew up as a poor boy from a poor family.
Mr Mengi writes in his book: I Can, I Must, I Will that his father, Mr Abraham Mengi, was very poor so much that the family owned not even a single acre of land.
Mr Abraham Mengi and his wife Ndeekyo, bore seven children: Apaansia, Elitira, Asantarabi, Karileni, Reginald, Evaresta and Benjamin.
Having completed his primary school at Kisereny, Mr Mengi joined Nkuu District School where he did standards one to six.
Having passed Standard Six national examinations, he was selected to join Standard Seven at Siha Middle School before proceeding to Old Moshi Secondary School.
ACCOUNTANT
He did well with his ‘O’ level Cambridge School Certificate examinations and proceeded with ‘A’ level at the same school.
With the desire to become a chartered accountant, he left the school to pursue further studies when the chance came.
That saw him leaving the school half-way through Form Five and flew from Moshi to Glasgow, via Nairobi and London.
While there, Mr Mengi studied accountancy and articles with Cooper Brothers in the United Kingdom and after being accepted as a member of the Institute of Chartered Accountants of England and Wales, he returned to Tanzania in 1971 where he was employed by the accounting firm of Coopers & Lybrand Tanzania.
He stayed with Coopers & Lybrand Tanzania (PricewaterhouseCoopers) up to September 1989 during which time he became its chairman and managing partner.
GENEROUS
In October 1989, Mr Mengi left the company to concentrate on his own businesses.
Mengi was a generous giver.
He donated cash to groups of the disabled and upon the death of his son, Rodney Mutie Mengi in 2005, he started the Rodney Mutie Mengi Foundation through which he has been sponsoring children to undergo lifesaving heart surgeries in India.
He participated in forming, and then led various business organisations including the Tanzania Chamber of Commerce, Industries and Agriculture, Confederation of Tanzania Industries and the Tanzania Private Sector Foundation.
