Gunmen on Thursday morning abducted Africa’s youngest billionaire, Mohammed Dewji, on his way to a gym session at a luxury hotel in Oyster Bay, Dar es Salaam in Tanzania.

According to reports, masked gunmen in two cars ambushed the prominent businessman as he walked into the exclusive Colosseum Hotel and Fitness Club, where he is a member.

The 43-year-old is the CEO of METL Group, one of the largest industrial conglomerates in East Africa, with interests in manufacturing, distribution, trading, haulage, storage and real estate.

Three people have been arrested in connection with the incident and two of the abductors are believed to be foreign nationals, says a BBC report.

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Featured as a FORBES AFRICA cover in July 2013 and as FORBES AFRICA’s Person of The Year in 2016, the 43-year-old single-handedly turned his father’s trading business into Tanzania’s largest import-export group.

“Slowly, slowly, I am planning to take on the whole continent. I am very bullish,” he told FORBES AFRICA.

Meanwhile, some media outlets are reporting that Dewji who was kidnapped early morning Thursday has been rescued from his captors.

However, one Tanzanian Twitter user, identified as Fareed, said that Dar es Salaam Regional Commissioner,Paul Makonda, dismissed reports that the billionare has been rescued.

In a series of Tweets, @Fumbuka shared details and updates of investagations on Dewji’s abduction.

He tweeted:

“#Tanzania police have cordoned off the Colosseum hotel gym in Dar es Salaam where business tycoon Mohammed Dewji was kidnapped by 2 Caucasian suspects this morning, who fired shots in the air and disappeared with the Forbes-list billionaire.

“UPDATE: Kidnapped #Tanzania billionaire businessman Mohammed Dewji is STILL MISSING. Dar es Salaam Regional Commissioner Paul Makonda dismisses reports that he has been rescued…”

Dewji is the CEO of MeTL active in textile manufacturing, flour milling, beverages and edible oils in eastern, southern and central Africa. He is also the main sponsor of football club Simba.

The news about the kidnapping has sent shockwaves on social media and the world.

According to FORBES’ Africa Billionaires list released earlier this year, Dewji is worth $1.5 billion.

See tweets:

#Tanzania police have cordoned off the Colosseum hotel gym in Dar es Salaam where business tycoon Mohammed Dewji was kidnapped by 2 Caucasian suspects this morning, who fired shots in the air and disappeared with the Forbes-list billionaire pic.twitter.com/lkb1PGdBqz

— Fareed (@Fumbuka) October 11, 2018

Mohammed Dewji’s black Range Rover is parked outside a gym in Dar es Salaam, #Tanzania, where unknown gunmen reportedly fired shots in the air and kidnapped him this morning pic.twitter.com/FgGco2gnUB

— Fareed (@Fumbuka) October 11, 2018

#Tanzania police seal off Mohammed Dewji’s black Range Rover outside the Dar es Salaam gym where he was kidnapped in the early hours of this morning. Regional Commissioner Paul Makonda says Dewji has now been rescued from his kidnappers and several suspects are under arrest pic.twitter.com/rJDaKsPmez

— Fareed (@Fumbuka) October 11, 2018

UPDATE: Kidnapped #Tanzania billionaire businessman Mohammed Dewji is STILL MISSING. Dar es Salaam Regional Commissioner Paul Makonda dismisses reports that he has been rescued https://t.co/XdTAB5mfuu

— Fareed (@Fumbuka) October 11, 2018

Mohammed Dewji: Who kidnapped the richest man in #Tanzania? Dewji is worth $1.3 billion, according to Forbes, making him Africa’s youngest billionaire at 43 years old. The business tycoon did not hire any personal bodyguards to protect him & often mingled with the public pic.twitter.com/2etlLjKc2C

— Fareed (@Fumbuka) October 11, 2018