Historic Media Shift: Aga Khan Fund Sells Controlling Stake in Nation Media Group to Tanzanian Billionaire

In a landmark moment for East Africa’s media landscape, Rostam Azizi has agreed to acquire the controlling stake in Nation Media Group (NMG) previously held by the **Aga Khan Fund for Economic Development (AKFED). The deal marks the end of a 66‑year relationship between the Aga Khan development network and one of the region’s most influential media houses — a partnership that began in the late colonial era and helped shape independent journalism in East Africa.

The agreement, announced on March 10, 2026, will see Taarifa Ltd, a company owned by Tanzanian entrepreneur Azizi, purchase AKFED’s entire shareholding in NPRT Holdings Africa Limited — the vehicle that holds 54.08 percent of NMG’s ordinary shares, equivalent to 92,618,177 shares. Once completed, Azizi will control the largest share block in NMG, giving him decisive influence over strategic decisions in the media group.

A Legacy of Independent Journalism

Nation Media Group’s origins trace back to 1959, when His Highness Prince Karim Aga Khan IV acquired the Kiswahili weekly Taifa Leo with the vision of providing an independent press for East Africa, particularly during the colonial period. The first issue of the Daily Nation was published on March 20, 1960, and the company quickly grew to play a central role in the region’s information ecosystem.

Over the decades, NMG expanded into multiple platforms, launching its Sunday titles, broadcast outlets like NTV Kenya, and digital services that today reach tens of millions of users across Kenya, Uganda, Tanzania, and Rwanda. The group also became one of Africa’s earliest publicly listed media companies, with its shares trading on the Nairobi Securities Exchange (NSE) since 1973.

Under Aga Khan stewardship, the group played a prominent role in East African public life — reporting on independence struggles, democratic transitions in the 1990s, civic education around constitutional reform, and regional developments across multiple countries. Its network of newspapers, TV and radio stations, and digital brands positioned NMG as a centerpiece of independent journalism in the region.

What the Deal Involves

The transaction involves AKFED selling its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT’s stake — the controlling 54.08 percent of NMG — will thus transfer to Azizi’s vehicle. The deal is subject to regulatory approvals in Kenya and other jurisdictions where NMG operates, and authorities anticipate completion within three to four months, provided all conditions are met.

Taarifa Ltd has publicly stated that it does not plan to launch a mandatory or voluntary offer for the remaining NMG shares, nor does it intend to delist the company from any of its regional exchanges. As a result, Nation Media Group will remain listed on the NSE and other cross‑listed markets, preserving its public ownership structure even under new majority control.

Who Is Rostam Azizi?

Rostam Azizi is a well‑established figure in East African business. Often recognized as one of Tanzania’s leading entrepreneurs, he has made his mark across sectors — including media, mining, telecommunications, agriculture, real estate, energy, and construction. He was notably one of the co‑founders of Mwananchi Communications Limited, the Tanzanian publisher of major newspapers such as Mwananchi, The Citizen, and Mwanaspoti — titles that were later integrated into NMG’s operations during the media house’s regional expansion.

Azizi’s business acumen has earned him recognition as one of East Africa’s first dollar billionaires and a prominent investor in both corporate and infrastructure ventures. With this acquisition, he transitions from a significant regional investor to the majority stakeholder in one of East Africa’s most influential media organisations.

What This Means for Media in East Africa

The sale of NMG’s controlling stake is being closely watched by industry observers and media commentators. On one hand, it represents a generational shift in media ownership — from a long‑standing institutional investor rooted in philanthropic development to a private entrepreneur with ambitious plans for growth. Azizi has emphasised his commitment to upholding editorial independence while investing in digital transformation and nurturing the company’s future relevance in a rapidly evolving media landscape.

On the other hand, consolidation of media ownership under a wealthy private figure raises questions about the future of press freedom and editorial autonomy in a region where robust, independent journalism has been vital to public discourse. Azizi’s pledge to support NMG’s journalistic mission will likely be tested as the company navigates challenges such as declining print revenues, the rise of digital news consumption, and competition from international platforms.

Beyond Ownership: Continuing Impact

Although AKFED is exiting direct ownership of NMG, the broader Aga Khan Development Network (AKDN) will continue to support media excellence and training through the Aga Khan University Graduate School of Media and Communications, which has trained thousands of journalists and communicators across the region. This ongoing commitment underscores AKDN’s belief in the transformative power of journalism even as it transitions away from ownership.

For Nation Media Group, this transition marks the end of one historic chapter and the beginning of another — one shaped by new leadership, new strategic investments, and a renewed emphasis on digital growth in an increasingly competitive media environment.