The competition regulator for the Common Market for Eastern and Southern Africa (COMESA) has opened investigations into a proposed acquisition that could significantly alter the ownership of East Africa’s largest independent media company, Nation Media Group.
The COMESA Competition and Consumer Commission announced that it is examining Taarifa Limited’s proposed acquisition of up to 100% of the issued share capital of NPRT Holdings Africa Limited.
NPRT Holdings is the controlling shareholder of Nation Media Group, the Nairobi-listed media house with operations across Kenya, Uganda, Tanzania and Rwanda. The company’s shares are also listed on the stock exchanges in Dar es Salaam, Kigali and Kampala.
Regulatory filings show that Taarifa Limited is a recently established private firm based in Mauritius and wholly owned by Tanzanian businessman Rostam Azizi. The acquiring group operates in the wholesale petroleum and petroleum products trade across the COMESA region, including Kenya and Mauritius.
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COMESA said it will assess whether the transaction could reduce competition within the regional bloc or raise public interest concerns under its competition framework.
The firms involved in the deal argued that the acquisition would bolster Nation Media Group’s financial standing and support its long-term expansion plans, particularly in digital transformation.
On March 10, 2026, the Aga Khan Fund for Economic Development announced the sale of its entire 54.08% stake in Nation Media Group to Taarifa Limited, bringing to a close a 66-year relationship that dates back to the company’s establishment in 1959.
Financial Pressure
The proposed takeover comes at a difficult financial moment for Nation Media Group, which posted a net loss of KSh 308.6 million in 2025, marking its third consecutive year in the red as declining print revenues continue to weigh heavily on the traditional media business model.
The company’s turnover fell by 3.1% to KSh 6.04 billion from KSh 6.23 billion recorded in 2024, while pre-tax losses widened by 26.5% to KSh 320.8 million. Earnings per share also deteriorated further to negative KSh 1.8 from negative KSh 1.5 the previous year.
Its board declined to declare a final dividend for the second consecutive year. The company’s last dividend payment was KSh 5.5 per share for the 2018 financial year.
The COMESA inquiry represents a major regulatory milestone in a transaction that could usher in a new era of strategic ownership for the media house at a time when publishers across Africa are grappling with shrinking newspaper circulation, shifting audience habits, and the rapid movement of advertising revenue towards digital platforms.
Should the deal secure approval, it would stand out as one of the region’s most significant cross-sector investments in recent years, linking a petroleum-backed investor with one of East Africa’s leading news organisations.
