The Aga Khan Fund for Economic Development S.A. (AKFED) has agreed to dispose of its stake in Nation Media Group PLC (NMG), ending a decades-long relationship with the media house. The shares will be acquired by Taarifa Ltd, a firm owned by Tanzanian businessman Rostam Azizi.
In a statement issued on Tuesday, AKFED revealed that it had signed an agreement to sell its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT currently holds a 54.08 percent controlling stake in Nation Media Group.
The deal brings to a close AKFED’s 66-year involvement with the company, a partnership that began in 1959.
In a joint statement, AKFED and Taarifa Ltd said the transition would position NMG for further expansion, particularly in strengthening its digital operations. The new investor pledged to back the company’s ongoing digital transformation, with the aim of deepening audience engagement and building on its legacy of public-interest journalism.
Completion of the transaction is expected within three to four months, subject to regulatory approvals.
Taarifa Ltd has clarified that it has no intention of buying out the remaining shareholders or removing the company from the stock exchanges where it is currently listed. Nation Media Group’s shares trade on the Nairobi Securities Exchange, as well as on the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Securities Exchange.
Nation Media Group was founded by His Highness the Aga Khan IV with the ambition of establishing a free and independent press in Kenya at the time of independence, aimed at supporting democratic governance.
The company started with a Kiswahili newspaper, Taifa Leo, created to amplify the voice of the African majority during the final years of colonial rule. Over the decades it has expanded into a regional multimedia organisation with more than 30 brands operating across four countries, reaching over 62 million digital users and employing more than 1,000 staff.
The first edition of the Daily Nation rolled off the press on March 20, 1960. NMG later became one of the earliest media firms in Africa to list on a stock exchange, joining the Nairobi Securities Exchange in 1973.
Through the years the group has maintained a strong stance on editorial independence and has played a notable role in Kenya’s democratic evolution, including coverage of the return to multiparty politics in the 1990s and civic education during the 2010 constitutional referendum.
AKFED Director Sultan Allana said the organisation takes pride in its role in nurturing what has become one of Africa’s most respected media institutions.
“We believe NMG will continue to uphold the principles of independent journalism and public service that have defined it for more than six decades,” he said.
Rostam Azizi, the incoming majority shareholder, is a prominent entrepreneur and economist with business interests across sectors such as media, mining, telecommunications, agriculture, real estate, energy, construction and port services.
He previously co-founded and held shares in Mwananchi Communications Limited between 2000 and 2006, helping launch publications including Mwananchi, The Citizen and Mwanaspoti, which were later acquired by Nation Media Group. Azizi also has investments in Habari Corporation, a media company in Tanzania.
Azizi said he views the acquisition as both an honour and a responsibility.
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“Nation Media Group is a vital institution in East Africa. We will safeguard its editorial independence while investing in its growth so it remains the region’s leading independent media organisation,” he said.
Nation Media Group Chief Executive Officer Geoffrey Odundo assured stakeholders that the transition would not disrupt operations.
“Our work will proceed with the same commitment and professionalism that have long defined the Nation. The board and management will continue steering the company as our teams across the region remain focused on delivering credible journalism that informs and empowers the communities we serve,” he said.
