Mengi is still Tanzania’s most influential media mogul, but a weak advertising sales, falling commodity prices and devalued Tanzanian shilling took a toll in the print and electronic media — and his fortune. Mengi’s IPP Group is one of the largest conglomerates in Tanzania and East Africa with interests in mining, Coca-Cola bottling and media, Forbes reports.
Born into a family of modest means, he was able to get an education in the UK. Returning to Tanzania in 1971, he got a job with Coopers & Lybrand which became PriceWaterHouseCooper. By 1989 he had become its chairman and managing partner, then started his own companies.
He is founder and executive chairman of the IPP Group, which includes 11 newspapers, two TV stations and three radio stations.
Sources: AfricanDevelopmentSuccesses, Forbes