Stabex, Uganda’s largest Oil Company That has Been Linked To DP Ruto

Reports have been widely circulated on social media platforms alluding that Deputy President William Ruto is the man behind Stabex International Limited.

The reports were first released ed by a Kenyan blogger via a tweet, accusing the DP Ruto of allegedly looting in Kenya and investing the proceeds in Uganda through the company.

But does Ruto really own the company?

Company Background

Stabex International Limited is an independent oil and gas marketing company that was established in 2009.

The company was incorporated in Kenya and has its headquarters in Kilimani, Nairobi at the Middle East Bank Towers.

It operates in East and Central Africa with its retail distribution network spreading majorly in Kenya and Uganda.

At the tail end of 2019, the company had grown its sales volume to over 300 million litres annually.

Stabex boasts of over 70 Retail Service Stations located along busy roads and 8 storage depots strategically situated within Kenya and Uganda.

It was the first local fuel retailer to serve as a customer for UNOC. It was tasked to deliver 400,000 litres of petroleum products.

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Its portfolio stands at over 1,000 customers and supplies more than 550 bulk resellers who own fuel stations.

The company owns over 18 trucks and has subcontracted 200 tankers that help in the distribution of petroleum products across East Africa.

Who Owns Stabex International Limited

Contrary to the speculations trending on the internet, it has been found that Deputy President William Ruto is not the owner or a shareholder of the oil marketing company that has a huge presence in Uganda.

According to a report by the registrar of Companies, the company has a Nominal Share Capital of 500,000,000 and 1,000,000 ordinary shares valued at Ksh 500 each.

The majority shareholder is Jackson Kiplimo Chebett who is the director of the company with 925,000 ordinary shares.

Jackson is a renowned entrepreneur and serves as a board member and chairperson strategy and development committee of the Lapsset project.

Other top shareholders include Abraham Kipkoech Korir with 50,000 ordinary shares and Daniel Kiprop Cherutich with 25,000 ordinary shares.