Mohammed Dewji, a Tanzanian billionaire, has reportedly been abducted by masked gunmen in the city of Dar Es Salam.
Dewji, 43, was abducted outside a swanky hotel gym where he was going for his routine morning workout.
The abduction took place in the affluent neighbourhood of Oysterbay.
The kidnappers fired shots in the air before driving away with the billionaire, eyewitnesses said.
Dewji, a fitness enthusiast, had no security guards with him and had driven to the gym on his own, Dar es Salaam regional police commissioner Paul Makonda told reporters.
Three people have been arrested in connection with the incident and two of the abductors were believed to be foreign nationals, police added.
Financial magazine Forbes puts his wealth at $1.5bn (£980m), and has described him as Tanzania’s only billionaire.
In a 2017 report, it said Mr. Dewji was Africa’s youngest billionaire. Mr. Dewji is also a major sponsor of one of Tanzania’s biggest football teams, Simba.
He promised in 2016 to donate at least half his fortune to philanthropic causes, Forbes said.
His company, MeTL, has interests in textile manufacturing, flour milling, beverages and edible oils in at least six African states.