Business leaders’ caution

Saturday October 13 2018

onfederation of Tanzania Industries (CTI)

onfederation of Tanzania Industries (CTI) chairman Subash Patel said the abduction of the 43-year old youngest billionaire in Africa, was likely to impede investments unless the government addressed it quickly.PHOTO|FILE 

By Alex Malanga @ChiefMalanga amalanga@tz.nationmedia.com

Dar es Salaam. Business leaders and economists have expressed concerns that the abduction of business tycoon Mohammed Dewji ‘Mo’ could have negative impact on investment in the country.

The country on Thursday woke up to the shocking reports of kidnapping of the billionaire as he went to a gym for his routine exercise at a city hotel.

Speaking to The Citizen yesterday, Confederation of Tanzania Industries (CTI) chairman Subash Patel said the abduction of the 43-year old youngest billionaire in Africa, was likely to impede investments unless the government addressed it quickly.

Mr Patel, who, despite commending Tanzania’s security organs on the grounds that it was one of the best in the region, said it should pull up its socks to even further strengthen safety and security of people and their property.

“The culprit should be taken to book, if we are to maintain safety and security that could attract more investors to come and invest,” observed Mr Patel.“The business community received with shock the news of abduction of Mr Dewji. This is not a good signal to investors,” he said.

Asked on whether Mr Dewji had ever reported to CTI about any threats, Mr Patel said, the former had never shared such emotions with the confederation.

The whereabouts of Mr Dewji, whose fortune stands at $2 billion through a wide range of businesses, according to Forbes, remained unknown by the time of filling this report.

Prof Haji Semboja of the Zanzibar University’s Economics Department shared similar sentiments.

“The abduction has the multiplier effect to not only investment but also the whole economy,” warned Prof Semboja.

He said that law enforcement needed to handle the kidnapping more seriously.

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