NAIROBI, Kenya, Mar 10 — The Aga Khan Fund for Economic Development (AKFED) will exit its 66-year investment in Nation Media Group (NMG) after agreeing to sell its controlling stake to Tanzanian businessman Rostam Azizi.
AKFED said it will sell its entire shareholding in NPRT Holdings Africa Limited—the investment vehicle holding a 54.08 percent stake in NMG—to Taarifa Ltd, a firm owned by Azizi.
The deal will see Azizi acquire 92.6 million ordinary shares, effectively giving him majority ownership of the regional media house. However, NMG shares will continue trading on the Nairobi Securities Exchange and other cross-listed platforms.
Nation Media Group traces its origins to 1959, when Prince Karim Aga Khan IV acquired the Kiswahili weekly Taifa Leo, laying the foundation for what has grown into one of East Africa’s largest media organisations.
Today, the group operates more than 30 brands, reaches a digital audience of over 62 million users, and employs more than 1,000 staff across Kenya, Uganda and Tanzania.
AKFED Director Sultan Ali Allana said the fund was proud of its role in building the media institution.
“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,” he said.
During its tenure, AKFED oversaw several milestones including the launch of the Daily Nation and Sunday Nation, the company’s listing on the NSE in 1973, the establishment of The EastAfrican, and the launch of NTV Kenya and Easy FM.
The group also expanded regionally into Uganda and Tanzania, strengthened its digital operations and installed a $20 million printing press in 2016.
For Azizi, the acquisition presents an opportunity to accelerate NMG’s digital transformation. Taarifa Ltd said it currently has no plans to make a mandatory offer for remaining shares or to delist the company.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said, adding that the company will uphold the media house’s editorial independence while investing in its future growth.
Azizi is also behind the Sh16 billion Taifa Gas project in Dongo Kundu, Mombasa County, developed by Taifa Gas Investments SEZ Limited, which is about 80 percent complete and expected to begin operations soon.
Despite exiting NMG ownership, AKFED said it will continue supporting journalism training through the Aga Khan University Graduate School of Media and Communications, which offers programmes in digital journalism, media leadership and strategic communications.
Over the past decade, the school has graduated more than 200 postgraduate professionals and trained over 7,000 media practitioners across East Africa.
