The Odinga family has transferred its 35% stake in fuel dealer Be Energy to an offshore entity registered in the British Virgin Islands, according to newly filed regulatory documents, marking a significant shift in the ownership structure of one of Kenya’s fast growing oil marketers.
The shares, previously held through the family investment vehicle Pan African Petroleum Limited, were moved to Africanable Corporation, a company incorporated in the British Virgin Islands. Filings at the Business Registration Services show the transaction has been completed, although it remains unclear whether it constituted an outright sale or an internal asset reallocation.
The British Virgin Islands is widely known as a zero tax jurisdiction that offers high levels of corporate secrecy, often making it difficult to identify the ultimate beneficial owners of registered entities. The transfer is likely to intensify scrutiny around transparency in Kenya petroleum sector, especially given Be Energy growing role in government linked fuel import arrangements.
Alongside the ownership changes, filings show a shake up in Be Energy board, with Siaya Senator Oburu Oginga and Raila Odinga Junior stepping down as directors. They have been replaced by individuals closely associated with the family, suggesting that influence over the company remains intact despite the offshore transfer.
Among the new board members is lawyer Jackson Awele, a longtime associate of the Odinga family. Awele previously formed part of the legal team that represented opposition leader Raila Odinga in a presidential election petition at the Supreme Court. Also joining the board is William Ojonyo, a cousin to Oburu and Raila, who has recently attracted public attention following remarks critical of some members of the Odinga family.
Strategic position in Kenya fuel supply chain
Be Energy is among a select group of oil marketers benefiting from the government to government fuel import deal involving three Gulf based suppliers Saudi Aramco, Abu Dhabi National Oil Company and Emirates National Oil Company. The arrangement replaced Kenya previous open tender system, allowing local firms to access petroleum products under a 180 day credit framework.
Under the system, a lead importer handles the bulk of monthly shipments, with a portion allocated to other marketers including Be Energy on a rotational basis. The model has reshaped competition within the sector and enabled smaller players to scale up operations more rapidly.
Industry data from the Energy and Petroleum Regulatory Authority shows that Be Energy has steadily increased its market share over recent years. The company controlled 2.4% of the market in 2020, rising to 3.1% in 2022 and reaching 3.17% in the six months to December after selling nearly 100 million litres of petroleum products.
It is now ranked as the seventh largest oil marketer in Kenya, trailing major multinationals such as Vivo Energy, Rubis Energy, TotalEnergies and Ola Energy. The company also exports fuel products to regional markets including South Sudan, Uganda, Rwanda, Burundi and the Democratic Republic of Congo.
Prior to the transfer, the Odinga family held 2,801 shares in Be Energy through Pan African Petroleum, representing a 35% stake. Shareholding within the family investment vehicle was distributed among several members including Raila Odinga and his wife Ida, each with 25% stakes, alongside other relatives.
The majority stake in Be Energy remains under the control of Saudi Arabian businessman Sheikh Abdul Kader Al Bakri, whose family holds 5,201 shares through International Energy World S.A. Recent filings indicate that the Al Bakri family has also shifted the registered address of its holding company from Panama City to Monrovia, Liberia.
These parallel offshore movements have drawn attention to the increasing use of foreign jurisdictions by major shareholders in Kenya petroleum industry, raising broader questions about regulatory oversight and tax transparency.
The developments come against a backdrop of heightened debate over the intersection of politics and business in Kenya. Be Energy inclusion in the fuel import framework followed a political rapprochement between President William Ruto and Raila Odinga formalised in 2025.
Critics have pointed to the arrangement as an example of potential crony capitalism, where commercial opportunities may be influenced by political alliances. Supporters however argue that the model has helped stabilise fuel supply and ease pressure on foreign exchange reserves.
Within the Odinga family, the restructuring also coincides with a period of transition and uncertainty following the death of Raila Odinga. Questions have emerged over the future management of the family extensive business interests, which include stakes in energy and manufacturing enterprises.
The estate of Jaramogi Oginga Odinga, Kenya first vice president, continues to hold significant assets including a majority stake in East African Spectre, a gas cylinder manufacturing firm established in 1971. For decades, the family has managed these holdings collectively, but analysts say the evolving ownership structures could signal a shift toward more fragmented control.
As Be Energy consolidates its position in Kenya petroleum market, the offshore transfer of shares and accompanying governance changes are likely to remain under close watch from regulators, industry players and transparency advocates alike.
