The man said to be Africa’s youngest billionaire has been kidnapped by masked gunmen in Tanzania’s main city Dar es Salaam, police say.

Mohammed Dewji, 43, was abducted outside a swanky hotel gym where he was going for his routine morning workout.

Although three persons have been arrested in connection with the incident and two of the abductors were believed to be foreign nationals, police added.

The motive for Dewji’s abduction is still unclear.

Financial magazine Forbes puts his wealth at $1.5bn (£980m).

Dewji, locally known as Mo is credited with turning his family business from a wholesale and retail enterprise into a multibillion pan-African conglomerate, BBC reports.