The Tanzanian tycoon Mohammed Dewji (43) was seized on Thursday by two armed men when he left the gymnasium of the Colosseum Hotel in Dar es Salaam
The police said that the kidnappers who are believed to have them Foreigners are in the Tanzanian capital, he opened fire before he grabbed Dewji in a car and raced off.
The kidnappers entered the gym through a hotel portal that the police believed had been deliberately left open ,
The motive for the kidnapping is still unknown. The police told CNN on Monday that they still need to get a ransom note for the young billionaire. About 20 men were arrested in connection with the incident, they added.
"The family also wants to assure each person that all of this remains strictly confidential and remains solely between people and the family," says family spokesman Azim Dewji.
The Pan-African conglomerate has significant holdings in textile and food industries throughout Africa.
In 2016, Dewji signed The Giving Pledge and pledged to donate at least half of his fortune for philanthropic purposes
He served two terms in Tanzania's parliament before stepping down in 2015 to devote more time to the family business.