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Jackson Kiplimo Chebett, chairman and majority shareholder of Stabex International Limited, has acquired a prime 6.8-acre property in Nairobi's Karen neighborhood that was previously controlled by former cabinet secretary Raphael Tuju, paying Sh450 million at a public auction that has since become one of Kenya's most contested real estate disputes.
The acquisition was made through Ultra Eureka Limited, a company Chebett directs. In a replying affidavit filed in the High Court's Commercial Division, Chebett stated that Ultra Eureka purchased the property from the East African Development Bank through an auction conducted on Oct. 1, 2024. The property includes Tamarind Karen and the Dari Business Park off Ngong Road and hosts several well-known hospitality and wellness tenants.
Decade-old debt behind the auction
Chebett told the court that Ultra Eureka paid the full purchase price and received all completion documents to formalize the transfer. The title was subsequently registered in the company's name, and the property was charged to KCB Bank Kenya as security for a $2.5 million loan facility.
The debt behind the sale traces back to 2015, when Tuju's Dari Limited borrowed more than $9.1 million from EADB. The loan went into default by the second quarter of 2016. The regional lender later obtained judgment in a UK commercial court for more than $15.1 million covering principal, interest and penalties. The auction followed years of legal proceedings.
Tuju has challenged the sale in court, alleging the auction was irregular and that valid court orders barring disposal of the property were ignored when the title was transferred in February 2025. He has publicly claimed the property's market value had appreciated to Sh3.5 billion at the time of the auction, making the Sh450 million sale price a fraction of what it was worth.
Violent standoff at the property
Chebett alleged in his affidavit that when Ultra Eureka attempted to take physical possession on March 10, 2026, the property was forcibly contested by supporters of the former minister. He claimed security personnel deployed by the company were attacked and seriously injured before police intervened to restore order.
Both parties were asked to present ownership documents at Langata Police Station. Chebett said the Tuju camp refused, stating that documents would not tell the whole story, and left the meeting accusing the officer of bias. Ultra Eureka's legal team has argued that Tuju's rights over the property have been extinguished and that any remedy available to the plaintiffs should be limited to damages rather than repossession.
A petroleum empire behind the buyer
Chebett built Stabex International from its incorporation in 2009 into Kenya's fourth-largest petroleum distributor. The company controlled 4.9 percent of the downstream market in the final quarter of 2025, trailing only Vivo Energy, Rubis Energy and TotalEnergies. Its network spans more than 200 retail stations and 14 depots across Kenya and Uganda, with annual sales volumes exceeding 300 million liters.
Stabex also launched aviation fueling operations at Jomo Kenyatta International Airport in October 2024, expanding beyond road fuel into jet supply at a time of growing demand for locally based aviation energy providers. The Karen property dispute remains before the courts.
