Kenyans are being asked to buy shares in Dangote’s refinery. Meanwhile, Dangote just bought 25% of Kenya’s fuel pipeline. He confirmed today that his group bought 4.5bn KPC shares in a block trade, about KES 42.5bn at KES 9.02–9.36 a share. Three things stand out: 1) Strategy. A refiner now owns a quarter of the pipeline that moves fuel across Kenya and into Uganda, Rwanda and DRC. That’s vertical integration, and it fits his plans for a Kenyan refinery. 2) The sellers. KPC listed at KES 9.00 in March. Whoever sold has made almost nothing in seven months, apart from the dividend, which went to the buyer because the trade was cum-dividend. 3) Governance. 25% is the level at which Kenya’s takeover rules kick in. Minority shareholders deserve clarity: who sold, at what price, and does KPC keep open access for other fuel importers? A strategic investor can be good for KPC. But for a national asset, the process matters as much as the price.