NAIROBI, Kenya — The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its controlling stake in Nation Media Group (NMG), East Africa’s largest independent media house, to a company owned by Tanzanian businessman Rostam Azizi.
In a statement issued on Tuesday, AKFED said it had reached an agreement to transfer its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company controlled by Azizi.
NPRT Holdings Africa Limited currently owns 54.08 percent of Nation Media Group, giving the buyer effective control of the media conglomerate.
The deal marks the end of AKFED’s 66-year association with the media organisation, a relationship that began in 1959 when the group was established to promote independent journalism in Kenya.
“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public-interest journalism,” AKFED and Taarifa Ltd said in a joint statement.
The transaction is expected to be completed within three to four months, subject to approval from relevant regulatory authorities.
Cross-listed regional media giant
Nation Media Group is one of the most influential media organisations in East Africa, operating newspapers, television stations and digital platforms across several countries.
The company is publicly traded on multiple regional stock exchanges, including the Nairobi Securities Exchange, the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Stock Exchange.
Taarifa Ltd has confirmed that it does not intend to buy out the remaining shares or delist NMG from these markets after acquiring the controlling stake.
Rostam Azizi’s business empire
Azizi is one of Tanzania’s most prominent business figures with investments spanning media, mining, telecommunications, agriculture, energy, real estate, port infrastructure and construction.
His acquisition of a majority stake in Nation Media Group is expected to significantly reshape the ownership structure of one of the region’s most powerful media institutions.
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Industry analysts say the deal could signal greater regional integration in the East African media sector, as investors increasingly seek to expand influence across borders.
Legacy of the Aga Khan
Nation Media Group was founded by Aga Khan IV with the aim of strengthening press freedom and democratic discourse in Kenya.
The organisation began with a modest Kiswahili-language newspaper, Taifa Leo, which remains one of Kenya’s most widely read Swahili publications.
Over the decades, NMG expanded into a major multimedia organisation publishing titles such as the Daily Nation, Business Daily and The EastAfrican, while also operating television and radio stations across East Africa.
The planned sale therefore represents one of the most significant ownership transitions in East African media history.
Media analysts say the coming months will be closely watched to see how the new ownership structure influences the group’s editorial direction, digital strategy and regional expansion plans.
