Ally Awadh is a prominent Tanzanian entrepreneur and the CEO of Lake Oil Group, which he founded in 2006.
Under his leadership, the company has grown into a billion-dollar enterprise, specializing in energy solutions and operating across East and Central Africa.
Awadh’s journey began with challenges, including a pivotal moment when his father denied him extra funds during his studies in Canada, prompting him to start working and eventually build a successful business portfolio.
Education
Awadh was born in Tanzania, where his father was a successful businessman trading agricultural commodities.
For his secondary education, he attended the International School of Tanganyika, known for its rigorous academic environment.
Upon completion, he pursued higher education in Canada, enrolling at Brock University to study Business Administration.
Turning point in Canada
While in Canada, Awadh experienced a pivotal moment that would shape his entrepreneurial spirit.
Accustomed to financial support from his father, he faced a reality check when his father’s business encountered challenges, leading to a reduction in his allowance.
When Awadh requested additional funds, his father responded bluntly, urging him to start working for his money.
This prompted Awadh to take an after-school job at McDonald’s, where he developed people skills and learned the value of hard-earned money.
He saved diligently, laying the financial foundation for his future ventures.
Early entrepreneurial ventures
After completing his studies, Awadh returned to Tanzania and embarked on his entrepreneurial journey.
Utilizing his savings, he began importing used clothing from Canada to Tanzania, tapping into the local demand for affordable apparel.
This venture proved profitable, allowing him to double his initial investment.
Buoyed by this success, he diversified his business interests by importing used and refurbished trucks from the United Kingdom and establishing a milk processing facility.
By the age of 25, Awadh had become a dollar millionaire, showcasing his business acumen and versatility.
Founding of Lake Oil Group
With a growing interest in the oil and gas sector, Awadh set his sights on the industry.
At 26, he applied for a license from Tanzania’s Petroleum Bulk Procurement Agency (PBPA) to import refined petroleum products.
Despite initial skepticism due to his age, his financial credibility secured him the license.
In 2006, he founded Lake Oil Group, commencing operations by importing petroleum products into Tanzania and distributing them to gas stations.
Under his leadership, the company expanded rapidly, establishing oil storage terminals across Tanzania and acquiring retail stations, particularly in rural regions.
Expansion
Lake Oil Group’s growth trajectory extended beyond Tanzania’s borders.
The company expanded its operations into Rwanda, Burundi, Mozambique, Uganda, and the Democratic Republic of Congo, distributing and trading oil and gas products.
To support its distribution network, Lake Oil established a transportation subsidiary, Lake Trans, which operates a fleet of over 400 tankers and trucks.
This subsidiary not only serves the company’s needs but also leases trucks to other businesses, enhancing its revenue streams.
In addition to energy trading and transportation, Lake Oil Group diversified into manufacturing.
The company set up lubricant production plants and ventured into the ready-mix concrete segment, establishing production facilities in Tanzania and Dubai.
Recognition
In 2022, Awadh was named the Young Business Leader of the Year by The African Leadership Magazine, an accolade that reflects his impact on the business landscape in Africa.
He is also recognized for his philanthropic contributions in Tanzania.
Through the Lake Oil Foundation, he allocates substantial funds annually towards scholarships, grants, and various charitable projects aimed at supporting underprivileged Tanzanians.
