In a landmark shift for the East African media landscape, the Aga Khan Fund for Economic Development (AKFED) has announced the sale of its controlling stake in Nation Media Group (NMG). This move brings an end to a 66-year era of ownership by the Aga Khan, marking a transition for the region’s largest independent media powerhouse to new leadership under Tanzania’s Taarifa Ltd.
AKFED is divesting its 100% shareholding in NPRT Holdings Africa Limited to Taarifa Ltd., an entity owned by prominent businessman Rostam Azizi. This specific holding represents a 54.08% majority stake in Nation Media Group, encompassing over 92 million ordinary shares. While the financial specifics of the agreement remain private, the deal is expected to be finalized within the next three to four months, pending the necessary green light from regional regulators.
Since its founding in 1959, Nation Media Group has grown into a cornerstone of public discourse, publishing iconic titles such as the Daily Nation, Business Daily, and The EastAfrican. Its reach extends far beyond Kenya, with a significant presence in Uganda through the Daily Monitor and in Tanzania with Mwananchi and The Citizen. With a digital footprint serving over 62 million users and a broadcasting arm featuring NTV Kenya and Nation FM, the group remains a vital institution for information across the continent.
Reflecting on the legacy of the organization, AKFED Director Sultan Allana expressed pride in the institution’s journey, noting that the group has long been defined by its commitment to independent journalism. He shared confidence that the new owners would continue to uphold these core values. For his part, Rostam Azizi described the acquisition as a profound responsibility, emphasizing that Taarifa Ltd. is dedicated to supporting NMG’s digital evolution while strictly preserving the editorial independence that readers have come to expect.
Current investors and market watchers should note that Taarifa Ltd. does not currently intend to delist the company or make an offer for the remaining shares. Nation Media Group will continue its presence on the Nairobi Securities Exchange, as well as its cross-listings in Uganda, Tanzania, and Rwanda. Despite the sale, the Aga Khan Development Network has reaffirmed its long-term commitment to the region’s media industry, stating it will continue to foster professional journalism through the Graduate School of Media and Communications in Nairobi.
