Table of Contents
Key Points
- Tewodros Ashenafi founded SouthWest Energy, Ethiopia’s first indigenous oil and gas firm, positioning it as a key player in East Africa’s energy sector.
- Beyond energy, Ashenafi co-owns Ambo Mineral Water and leads SouthWest Holdings, spanning oilfield services, consumer goods, and technology ventures.
- He played a pivotal role in Japan Tobacco’s $1.4 billion acquisition of Ethiopia’s National Tobacco Enterprise, marking Ethiopia’s largest privatization deal.
Tewodros Ashenafi stands as one of East Africa's most influential entrepreneurs, shaping the region's business landscape. As the founder and chairman of SouthWest Energy, Ethiopia's leading indigenous oil and gas exploration company, Ashenafi has been instrumental in transforming the energy sector and fueling economic growth across the region.
Ashenafi’s path from Merrill Lynch to energy
Born in Addis Ababa on Aug. 26, 1969, Ashenafi pursued higher education at Columbia University, earning an Economics degree in 1991. His thirst for knowledge led him to Harvard Business School, where he enrolled in the Owner/President Management Program, equipping him with the tools to navigate the complexities of business and finance.
Ashenafi's professional journey began at Merrill Lynch & Co. in New York, where he focused on international political and economic consulting. His role involved advising major global companies and pension funds on investment opportunities in developing markets, with a particular emphasis on Latin America and the CIS.
In 2003, Ashenafi recognized the untapped potential in his home country and took the bold step of founding SouthWest Holdings, Ethiopia’s first indigenous oil and gas exploration firm. This venture not only established SouthWest as a cornerstone of Ethiopia’s energy sector but also marked the beginning of Ashenafi’s lasting impact on the region’s economy.
Expanding influence across sectors
Ashenafi has built a vast business empire across a range of sectors, with both direct and indirect stakes in some of Ethiopia's key companies. In 2003, he founded SouthWest Holdings, a diversified investment group that includes SouthWest Energy, SouthWest Development, SouthWest Technologies, and SouthWest Foundation.
SouthWest Energy (SWE), which Ashenafi founded in 2005, has become Ethiopia’s leading indigenous oil and gas exploration and production company. With a dominant presence in the Jijiga Basin—Ethiopia’s largest proven hydrocarbon system—SWE controls around 350,000 square kilometers in the eastern region, bordering Somaliland. This strategic position places the company among the top 10 oil and gas acreage holders in East Africa. Based in Hong Kong, SWE is closely tied to SouthWest Development, a key provider of oil and gas services in Ethiopia.
Expanding beyond energy, Ashenafi has made his mark in the consumer goods sector. He co-owns Ambo Mineral Water, Ethiopia’s most recognized naturally carbonated bottled water brand. A fixture in Ethiopian households, Ambo is also part of the Coca-Cola Beverages Africa portfolio, co-owned with SABMiller, which has helped strengthen its market presence.
SouthWest Development has become a leading provider of oil and gas services, forming strategic alliances with global industry leaders like Petronas and SABMiller. In 2014, it partnered with a major Chinese commodity producer to launch Africa Energy Services, Ethiopia’s first locally owned oilfield services firm, further enhancing the country’s energy infrastructure.
Ashenafi’s influence also extends into charitable initiatives. Through the SouthWest Foundation, he has made significant contributions to social advancement, focusing on humanitarian assistance and sustainable development to address pressing societal challenges in Ethiopia.
Ashenafi’s role in Ethiopia’s privatization
Ashenafi's strategic vision was clearly demonstrated in July 2016 when he played a pivotal role in Ethiopia's largest privatization deal. As the local partner, he helped Japan Tobacco International acquire a 40 percent stake in Ethiopia's National Tobacco Enterprise for $1.4 billion. This transaction, considered one of the biggest private-sector deals in Africa, was a major factor in Forbes recognizing him as one of Ethiopia's wealthiest individuals in 2017.
Since then, Ashenafi has steadily expanded his influence across various sectors. He serves on the board of the EastWest Institute, a prominent security think tank, and holds advisory roles with the Atlantic Council and Columbia University’s Africa Center. His ongoing involvement in these prestigious institutions reflects his commitment to fostering international collaboration and advancing global security.
