Africa’s youngest billionaire, Mohammed Dewji plans to throw big brands in African market off the track with his new products. The Tanzanian billionaire is plotting to compete with long-standing brands including Coca -Cola (KO), Red Bull and Fanta.
According to the billionaire, his company would produce a brand that will compete with famous Coca-Cola to be named Mo Cola and then Red Bull will compete against Mo Energy Drink.
He added that another brand that will stand against Fanta will also be manufactured by his company.
Based on the statement issued by the CEO of MeTL Group:
“We’re taking on Coca Cola with our own brand called Mo Cola. We’re fighting Red Bull with Mo Energy Drink, and like they have Fanta – we have our own brands” .
For the record, Coca-Cola is well-established in the continent and around the world. The brand which has lived for over 88 years in Africa has made a name that seems beyond the bounds of possibility to be pulled off the market.
But the confident 40-year old Tanzanian business tycoon seems to know how best to make the brands limp out of the market.
The businessman has great business acumen enough to enter the boxing bout with the apparently unrivaled brands.
Dewji’s brand of the fizzy drink has dominated 3.5% of Tanzania’s market since it was ushered in two years ago. He was quoted as saying “If I take it to 15% I will be in the money big time” .
The business mogul Dewji is quite familiar with possible business challenges that may arise.
He became in control of his father’s enterprise when its net worth was $30 million and grew it to a pan-African conglomerate with revenues of $1.5 billion in 10 years.
The company group has so far spread to 31 industries in 11 countries, comprising businesses in agriculture, producing, consumer goods, finance, real estate, mobile telephony, oil and logistics.
Obviously, planning to compete with key participants such as Pepsi, and Coca-Cola means the billionaire will have to embark on large-scale production and distribution in Africa and beyond.
However, the billionaire isn’t finding this challenging.
Convincing the public to dump big brands – as he openly confessed – is very difficult and seems to be too much of a stretch, partly since “they without doubt have this outstanding formula.”
He noted however that [Mo-Cola] is a slightly different and exceptional in its own way enough to throw those deep-rooted big names off the hook.
According to him:
I think Mo-Cola is more sugary. In Africa, I think people prefer drinks that are more sugary.”
He hopes to provide an entirely different sweetener that will be more consumer friendly than that of the abiding products. Plus his brands are 25% less than the main rivals.
What’s more is that the entrepreneur is not just planning to compete with Coca-Cola. He is also taking on big multinationals such as Nestle (NSRGF), Unilever (UL) as well as Procter and Gamble (PG) in Tanzania.
In an interview, the philanthropist said:
“We’ve got almost 60% market share in oil, 60% in soap. If you look at Unilever and Proctor and Gamble in terms of their detergents and edible oils, they are merely at 5% or lower.”
Mohammed Gulam Dewji was born 8 May 1975. He is a Tanzanian businessman, entrepreneur, philanthropist, and former politician.
He represented the Singida Urban constituency in the National Assembly from 2005 to 2015; when he announced that he was resigning from active politics.
He owns 75% of MeTL Group and sits as its Chief Executive Officer. Dewji is the 31st richest man in Africa and plans to climb the list energetically.
His business contributes 3% to overall Tanzania’s GDP and employs 28 000 people – almost 5% of the country’s workforce.
With the right formula in his recent business plan, he’s expecting to grow revenues to $5 billion and employ 100 000 people across Africa by 2018.