KAMPALA, Uganda — The Aga Khan Fund for Economic Development (AKFED) has announced an agreement to sell its majority stake in Nation Media Group PLC (NMG) to Taarifa Ltd., a company owned by Tanzanian businessman Rostam Azizi.
Under the agreement, AKFED will sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT currently holds a 54.08 percent stake in Nation Media Group, equivalent to 92,618,177 ordinary shares.
The transaction, which is subject to regulatory approvals, is expected to be completed within three to four months.
A historic partnership concludes
AKFED’s association with NMG dates back to 1959, when His Highness Prince Karim Aga Khan IV founded East African Newspapers (Nation Series) Ltd. and acquired the Kiswahili weekly Taifa Leo to help establish an independent African press during the colonial period.
From those beginnings, the company grew into a major multi-platform media organisation operating across East Africa. Today, Nation Media Group manages more than 30 media brands across four countries, reaches over 62 million digital users, and employs more than 1,000 professionals across the region.
The first edition of the Daily Nation was published in March 1960, and by the time Kenya gained independence in December 1963, the newspaper had already become a trusted source of news and analysis. In 1973, NMG became one of Africa’s first media houses to list on a stock exchange, trading on the Nairobi Securities Exchange.
Over the decades, the group expanded into broadcasting and regional markets, launching NTV Kenya and Easy FM in 1999 and later expanding into Uganda and Tanzania with the acquisition of Daily Monitor and the establishment of Mwananchi Communications.
AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions. We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades,” he said.
New ownership and digital focus
Taarifa Ltd., the acquiring company, is owned by Rostam Azizi, an East African entrepreneur with investments spanning media, mining, telecommunications, agriculture, real estate, energy, port facilities, and construction.
Azizi also has prior experience in the region’s media industry. He was a co-founder and shareholder of Mwananchi Communications Limited between 2000 and 2006, where he helped establish the Mwananchi, The Citizen, and Mwanaspoti newspapers. The company was later acquired by Nation Media Group.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said. “NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
Both AKFED and Taarifa Ltd. said the acquisition would support NMG’s ongoing digital transformation and help expand its reach to new audiences across the region.
Stability for shareholders
Taarifa Ltd. has indicated that it does not intend to make a mandatory or voluntary offer for the remaining NMG shares or to delist the company from any stock exchange.
Nation Media Group will remain listed on the Nairobi Securities Exchange and continue its cross-listings on the Uganda Securities Exchange, the Dar es Salaam Stock Exchange, and the Rwanda Stock Exchange. The NMG Board will continue overseeing the company’s operations.
Continued investment in media education
Although AKFED is exiting its shareholding, the Aga Khan Development Network will continue supporting journalism and media development through the Aga Khan University’s Graduate School of Media and Communications.
Founded in 2015, the school provides postgraduate degrees and professional training for journalists, communicators, and media executives across East Africa, helping strengthen the region’s media landscape and promote high standards of journalism.
With the ownership transition underway, industry observers say the deal could mark a new phase for Nation Media Group as it accelerates its digital strategy while maintaining its legacy as a leading voice for independent journalism in East Africa.
