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Mohammed Dewji, 43, was abducted last Thursday by two gunmen as he was leaving the gymnasium of the Colosseum Hotel in Dar es Salaam, capital of Tanzania.
The police said that the kidnappers, who are supposed to be foreign nationals, entered the hotel and opened fire before putting Dewji in a car and leaving at full speed.
The kidnappers accessed the gym through the hotel gates that the police deliberately left open.
"The family would also like to assure anyone providing information that all this will remain strictly confidential and will remain reserved for this person and the family," said family spokesman Azim Dewji.
Police told CNN on Monday that she had still not received a ransom demand for the young billionaire.
About 20 men were arrested in connection with the incident, they said.
The reason for the abduction is still unknown.
The Pan African conglomerate has huge holdings in textile and food and beverage companies in Africa.
According to Forbes magazine, its net worth is $ 1.5 billion, making it the youngest billionaire in Africa.
In 2016, Dewji signed The Giving Pledge in 2016 and promised to donate at least half of his fortune to philanthropic causes.
He served two terms in the Tanzanian parliament before resigning in 2015 to devote more time to the family business.
