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Winners In The Gulf Energy Deal With The State – Nairobi Exposed



Winners In The Gulf Energy Deal With The State – Nairobi Exposed

At least five Kenyans earned over one billion shillings in the concluded total takeover of the Gulf Energy company by the French multinational Rubis Energie

Rubis has disclosed in its 2019 annual financial results that it spent Sh9.72 billion in acquiring Gulf Energy Holdings Limited Kenya.

In a follow-up to our previous story, Shahbal, Njogu just made billions from Rubis deal, it emerges that Suleiman Shabal, the CEO of Gulf Energy and the Founder Chairman of the Gulf African Bank earned an estimated Sh2.4 billion from the deal.

Shahbal had a 25% stake in the Gulf Energy through his company, Monte Carlo Investments Limited, records from the Registrar of Companies shows.

Francis Koome Njogu, who has been the Managing Director of Gulf Energy is estimated to have earned Sh1.9 billion from his 20% stake in the company. Njogu is a businessman and owner of Alba Hotel, a top hotel in Meru town.

Other Kenyan shareholders who will also rake in probable hundreds of millions include Duncan King’ori Mukira who earned Sh1.2 billion from his 12.5% stake and Paul Kiprotich Limoh, a similar amount from a similar shareholding.

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

The rest of the 25% stake in Gulf Energy Holdings which also earned an estimated Sh2.4 billion was owned through a company called Nama Kenya Limited, a U.K registered company that is a minority (20%) owned by a Kenyan named Ahmed Said Bajaber, who is a director at the Gulf African Bank.

Gulf Energy is a diversified energy company in East Africa. On its website, it notes the following.
“We source, charter, export, retail and store quality petroleum products from all over the world to various destinations in East Africa.

We have ventured into the power generation sector as the first indigenous power development company with our first 80.32MW Medium Speed Diesel power plant under development in Athi River.”

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