A local daily in Tanzania says, Dewji was kidnapped on his way to the Oysterbay hotel in in Dar es Salaam for a routine gym exercise.
But Mr Makonda was only assuring the people that his team is working round the clock to make sure that Tanzanians get the good news.
Reports from the scene suggest two white men and an unknown number of accomplices in two cars waylaid the prominent businessman as he walked into the exclusive Colosseum Hotel and Fitness Club, where he is a member.
Businessmen have never felt at risk of being kidnapped and they often move around on their own.
News of the incident spread fast as social media users shared the development, sending shockwaves the country.
Dewji's conglomerate, the METL Group, operates in over 35 industries such as trading, agriculture, manufacturing, energy, petroleum, financial services, mobile telephony, infrastructure and real estate, transport, logistics and distribution.
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Mandatory evacuations were issued as beach dwellers rushed to board up homes just ahead of what could be a devastating hit. The Miami-based center forecast as much as 1 foot (30 cm) of rain in parts of Florida, Georgia and SC .
Dewji was taken by two masked men who fired their guns into the air before driving away from the hotel, the Associated Press reported, citing the regional police commander for the area.
Dewji was the first Tanzanian to be featured on the cover of Forbes Magazine in 2013 and has been featured on three separate occasions.
Mohammed Dewji, a Tanzanian business tycoon said to be Africa's youngest billionaire, photographed during an interview at his office in Dar es Salaam, Tanzania, April 23, 2015.
Police have already made some arrests.
The regional governor Paul Makonda said, "Initial information indicates he was kidnapped by whites traveling in two vehicles".
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