Tanzanian billionaire media mogul Reginald Mengi has died at the age of 75.
According to a report by Forbes Magazine, Mengi passed away during the early hours of Thursday at a hospital in Dubai, United Arab Emirates where he had been undergoing treatment for an undisclosed ailment.
John Magufuli, the President of Tanzania sent a condolence message early in the morning via his Twitter page early on Thursday.
“I am shocked at the death of an elder and a friend Dr. Reginald Mengi. I will remember him for his immense contribution to the development of our country and for the words he wrote in his book (titled) I Can, I Must, I Will. Sorry to members of his family, IPP workers and the entire business community,” the President said.
Mengi, a media mogul and industrialist, was one of the richest people in East Africa, even though there were no accurate records of his net worth. In 2014, Forbes Magazine estimated his net worth at $560 million, but sources close to the man tell Billionaire Monitor that the late Tanzanian business mogul was worth as much as three times that.
Mengi was the founder and Executive Chairman of the IPP Group, a Tanzanian conglomerate that manufactured Coca-Cola products in the Kilimanjaro region of Tanzania. He also owned IPP resources, a mining company that produces gold, Tantalite, uranium and tanzanite across Tanzania. Mengi was most popular for his media assets. His IPP media owns a string of newspapers, television and radio stations in Tanzania, making it one of the largest media conglomerates in Africa. His group of companies employed a workforce of more than 4,000 people, and was reportedly one of the biggest corporate taxpayers in Tanzania.
In July 2018, the Tanzanian billionaire released his autobiography, I Can, I Must, I Will, in which he chronicled his story from his early beginnings in an impoverished rural home in Kilimanjaro, Tanzania, and how he surmounted numerous challenges and built one of East Africa’s largest business empires. At the official unveiling of the book, during a ceremony at Serena Hotel in Dar es Salaam, President John Magufuli had described Mengi as one of Tanzania’s most outstanding business leaders and philanthorpists.
“One of the things that Mengi has showed us with his life is that it is possible to rise above one’s circumstances if one is willing to pay the price. There is no shortcut to success. Mengi’s story is a wake up call to young Africans to work hard and persevere despite of the odds,” the President had said.
Mengi leaves behind a young wife, Jacqueline Ntuyabaliwe Mengi, and four children.