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Tewodros Ashenafi, the driving force behind SouthWest Holdings, stands tall as a trailblazing entrepreneur reshaping the African business landscape. Hailing from Ethiopia, he is not just a renowned figure in his home country but has earned global recognition as a visionary founder, chairman, and CEO.
Ashenafi’s journey to success kicked off at Merrill Lynch & Co in New York, where his expertise in international political and economic consulting took center stage. His career trajectory shifted gears when he founded SouthWest Energy in 2005, pioneering Ethiopia’s first indigenous oil and gas company and revolutionizing the nation’s energy sector.
In a groundbreaking move in 2016, Ashenafi played a pivotal role in the privatization of Japan Tobacco International (JTI). As a local partner, he secured a 40-percent stake in Ethiopia’s National Tobacco Enterprise, sealing a billion-dollar deal—the country’s largest-ever privatization agreement at $1.4 billion enterprise value.
Beyond his business endeavors, Ashenafi is deeply engaged in global affairs. Serving on the board of directors of the EastWest Institute and the International Advisory Board of the Atlantic Council, he also contributes to Columbia University’s Africa Center as an advisory board member. Forbes acknowledged his financial prowess in 2017, listing him among the richest individuals in Ethiopia.
Ashenafi’s influence extends beyond the boardroom. As he continues to spearhead innovation and growth across sectors, his visionary leadership and unwavering dedication inspire a new generation of entrepreneurs. His impact resonates not only within Ethiopia but throughout the African continent.
Billionaires.Africa has identified and cataloged various companies and holdings linked to Ashenafi. Here are five companies where he holds direct or indirect ownership:
- SouthWest Holdings
Founded by Ashenafi in 2003 as a market distribution channel for energy players, SouthWest Holdings is an Ethiopian investment group comprising SouthWest Development, SouthWest Energy, SouthWest Technologies and SouthWest Foundation, among others. The company has grown into a diversified conglomerate holding the most acreage in Ethiopia’s largest proven hydrocarbon-bearing sedimentary basin and operating a leading oil and gas exploration company in East Africa. - Ambo Mineral Water
Ambo Mineral Water is Ethiopia’s oldest brand of naturally-carbonated bottled mineral water and the most popular drink in Ethiopia. Ashenafi serves as the chairman and co-owner of Ambo Mineral Water, Ethiopia’s bestselling naturally-carbonated bottled mineral water, along with beverage giant SABMiller. - SouthWest Energy
SouthWest Energy (SWE), founded in 2005 by Ashenafi, is Ethiopia’s top indigenous oil and gas exploration and production company. As of October 2019, SouthWest Energy is among the top 10 oil and gas acreage holders in East Africa and holds a significant acreage position in the Jijiga Basin, Ethiopia’s largest proven hydrocarbon system. - SouthWest Development
SouthWest Development is a leading Ethiopian oil and gas services provider with good ground for partnerships with multinationals since its inception, from Petronas at its formation to SABMiller when it built a mineral water company. In 2014, Southwest formed a joint venture partnership with a Chinese firm, one of the largest commodity producers in China, to establish Africa Energy Services, Ethiopia’s first local oilfield services provider. - SouthWest Foundation
Ashenafi extends his commitment to societal progress through the SouthWest Foundation. Founded with a mission to drive positive change and uplift communities, the foundation operates across various sectors including providing humanitarian aid and relief efforts to address pressing social challenges and promote sustainable development initiatives.
