Nigerian billionaire Aliko Dangote says his group has bought a 25% stake in Kenya Pipeline Company (KPC), expanding his energy business in East Africa.

Dangote, founder and chief executive of Dangote Industries Ltd., announced the purchase at an event in London on Wednesday, Bloomberg reports. He did not name which of his companies made the acquisition. The deal is valued at $327 million.

The figures match a large share transaction on the Nairobi Securities Exchange earlier this week. Business Daily reported on October 19 that 4.5 billion KPC shares worth KES42.5 billion ($327 million) changed hands in a single block trade, about 24.76% of the company’s issued shares. The shares were sold by state-linked institutions that had bought into KPC when it listed on the NSE on March 9.

President William Ruto welcomed the transaction, describing it as a sign of growing confidence in Kenya’s capital markets and a way to raise money for strategic infrastructure. After the sale, the Kenyan government holds 35% of KPC, the National Social Security Fund about 22.2% and Uganda National Oil Company 20.15%.

Opposition politician Ndindi Nyoro has criticised the sale and called for more disclosure about the deal.

KPC runs the pipeline network that carries refined fuel inland from the port of Mombasa. The stake gives Dangote a role in fuel distribution in the region alongside his refining plans.

Kenya broke ground on September 30 on the Dangote-backed refinery in Lamu, which is designed to process 700,000 barrels of crude oil a day. Kenyan officials value the project at $17 billion, and Dangote has put it at $20 billion. Dangote Group has offered East African governments a combined 30% stake in the refinery, with Kenya’s 10% share valued at about $500 million. Kenya is also in talks with Dangote to build a pipeline linking the Turkana oil fields to Lamu.