• Wed February 26, 2020
Facebook
Twitter
Youtube
Search
Close
  • Home
  • The Nation
  • Companies
  • Money
  • FactCheck
  • The Farm
  • Opinion
  • Contact Us
Menu
  • Home
  • The Nation
  • Companies
  • Money
  • FactCheck
  • The Farm
  • Opinion
  • Contact Us
Home Companies

Shahbal, Njogu make billions from Rubis deal

Other Kenyan shareholders who will also rake in probable hundreds of millions include Duncan King’ori Mukira who owns 12.5% and Paul Kiprotich Limoh who owns 12.5%.

by Financial Day
February 26, 2020
in Companies, Weeks Top Story
3 min read
Shahbal Njogu

Suleiman Said Shahbal (left) and Francis Koome Njogu, will likely earn billions of shillings following the final approval given to the French multinational Rubis to buy out the oil marketer.

434
SHARES
7.7k
VIEWS
Share on FacebookShare on Twitter

Two top Kenyan shareholders in the Gulf Energy Holdings, Suleiman Said Shahbal and Francis Koome Njogu, will likely earn billions of shillings following the final approval given to the French multinational Rubis to buy out the oil marketer.

Shahbal owned his stake through a company called Monte Carlo Investments Limited, where he owns 100% of the ordinary shares, while Njogu owned his shares directly, according to records from the Business Registration Service seen by the FinancialDay.

The deal was first announced in November 2019 but was given final approval on February 25th by the Competition Authority of Kenya.

YOU MAY LIKE

Lis Of City Roads Targeted For Toll Charges

Safaricom Controlling Over Half Of Country’s Population On Mobile Money

Although the parties declined to disclose the value of the deal, it is estimated to be worth billions of shillings based on the huge infrastructure investments and goodwill Gulf Energy had built in the local petroleum and renewable energy sector.

Shahbal, Njogu insights

Suleiman Said Shahbal is a multi-millionaire who will readily answer your calls and reply to a social media message.

The founder of East Africa’s first Islamic bank, Gulf African Bank, and an ardent fan of Arsenal FC made his initial fortune in the Middle East banking sector.

After unsuccessful two attempts to become the Governor of Mombasa County, Shahbal, an author who radiates optimism, was rewarded by President Uhuru Kenyatta with the chairmanship for the board of Kenya Trade Network Agency (KenTrade), a state agency under the National Treasury that is mandated to facilitate cross border trade.

But it appears that his even bigger fortune is being made in Kenya, thanks to his 25% stake in Gulf Energy Holdings which has now been bought by Rubis, the same company that bought Kenol/Kobil.

Gulf Energy is popularly recognized by its ‘g’ branded and green-themed petrol stations across the county.

Njogu will also likely earn more hundreds of millions of shillings from the deal from his 20% stake in Gulf Energy Holdings.

Koome, who has been the managing director of Gulf Energy, had also been tapped to become the managing director of Amu Power Company, a joint venture between Gulf Energy, Centum Investment to develop a 1050 MW coal power project.

The mega project that was to be established at Manda Bay in Lamu County has, however, run into headwinds following sustained lobbying by environmental activists opposed to the ‘harmful’ coal power, which has led to the withdrawal of key financiers.

Njogu, a native of Meru County is the owner of Alba Hotel, the most modern in Meru town according to reviews where once can get a meal of imported wild salmon fish.

In 2015, Njogu led Gulf Energy in signing Sh36 billion deal with Meru County to develop a 100 MW wind power plant. Peter Munya, the Agriculture Cabinet Secretary was the then Governor of Meru.

Although there has been less activity relating to this project, it is not clear yet if it has links to the Meru County Energy Park, whose 80MW wind farm construction started in January 2020 by a company known as Windlab.

The other joint developer is the Meru County Investment and Development Corporation, a county government investment agency.

Other Kenyan shareholders who will also rake in probable hundreds of millions include Duncan King’ori Mukira who owns 12.5% and Paul Kiprotich Limoh who owns 12.5%.

Limoh has been the chief executive officer of Gulf Energy. Mukira is a reclusive investor from Othaya, Nyeri County.

The rest of the 25% stake in Gulf Energy Holdings was owned through a company called Nama Kenya Limited, a U.K registered company that is minority-owned (20%) by a Kenyan named Ahmed Said Bajaber, who is a director at the Gulf African Bank.

editor@financialday.co.ke

Tags: Amu PowerCentumCoalDuncan King’ori MukiraFrancis Koome NjoguGulf African BankGulf Energy HoldingsLamuManda BayMeru CountyNyeri CountyOthayaPaul Kiprotich LimohRubisSuleiman Said ShahbalUhuru Kenyatta
Share434TweetSend

Related Posts

Southern By-Pass
Money

Lis Of City Roads Targeted For Toll Charges

March 14, 2022
Safaricom M-Pesa
Companies

Safaricom Controlling Over Half Of Country’s Population On Mobile Money

March 10, 2022
Next Post
Kenya presidential jet

Kenya’s presidential jet gets a new home

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TOP STORIES

  • White Mischief

    Nyandarua’s priceless White Mischief mansions left to die

    547 shares
    Share 547 Tweet 0
  • Shahbal, Njogu make billions from Rubis deal

    434 shares
    Share 434 Tweet 0
  • Uhuru signals end of KTDA

    375 shares
    Share 375 Tweet 0
  • VIDEO: Rwathia billionaires: How the journey started

    1670 shares
    Share 1670 Tweet 0
  • Mzee Kenyatta’s hand in the birth of Co-operative Bank

    273 shares
    Share 273 Tweet 0
ADVERTISEMENT

ABOUT US

FinancialDay is a weekly online media portal providing well researched and authentic news and news features about various aspects of Kenya’s economy; from politics to agriculture, lifestyle to persons of interest, companies to watch to special reports.

We welcome your feedback at: editor@financialday.co.ke

RECENT NEWS

Harish and Gachora Win Junior Titles During Safaricom Golf Tour

EPRA Hikes Fuel Prices By Ksh5 For Petrol, Diesel

Lis Of City Roads Targeted For Toll Charges

Mkenya Daima: Initiative Launched To Preach Peaceful Elections

CATEGORIES

Categories
  • Companies
  • Days Top Story
  • Editorial
  • FactCheck
  • FactCheck
  • Money
  • News
  • Opinion
  • Sports
  • The Farm
  • The Nation
  • Weeks Top Story

© 2020 Financial Day 

This website uses cookies. By continuing to use this website you are giving consent to cookies being used.