In a landmark move for the East African media landscape, the Aga Khan Fund for Economic Development (AKFED) has announced the sale of its majority stake in Nation Media Group (NMG), effectively ending a storied 66-year partnership.
The transaction sees AKFED selling its 100% shareholding in NPRT Holdings Africa Limited, the entity that controls 54.08% of NMG, to Taarifa Ltd. The company is owned by Tanzanian billionaire and entrepreneur Rostam Azizi.
Founded in 1959 by His Highness the Aga Khan IV, NMG began as a modest Kiswahili newspaper, Taifa Leo, designed to provide an independent voice for the African majority during the colonial era. Over six decades, it evolved into the region’s largest multi-platform media conglomerate, boasting:
- 30+ brands across four countries.
- A digital reach of over 62 million users.
- Employment of more than 1,000 media professionals.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said AKFED Director Sultan Allana. “We are confident NMG will continue to uphold the values of independent journalism and service to the public.”
The buyer, Rostam Azizi, is no stranger to the media industry. A co-founder of Mwananchi Communications (which NMG eventually acquired), Azizi currently holds interests in Habari Corporation and has an extensive business portfolio spanning mining, telecommunications, and real estate.
In a statement, Mr. Azizi pledged to maintain NMG’s bedrock of editorial independence while accelerating its digital growth. Notably, Taarifa Ltd confirmed it has no immediate plans to:
- Launch a mandatory or voluntary takeover offer for the remaining 45.92% of shares.
- Delist the company from the Nairobi Securities Exchange (NSE) or its cross-listed regional exchanges.
While AKFED exits the commercial side of the business, the Aga Khan Development Network (AKDN) will retain its presence in the sector through the Aga Khan University’s Graduate School of Media and Communications (GSMC). Since 2015, the school has trained over 7,000 practitioners, ensuring the mission of “advancing journalistic excellence” continues through education rather than ownership.
Timeline of the rise of Nation Media Group
- 1959: Founded as East African Newspapers (Nation Series) Ltd.
- 1960: First issue of the Daily Nation published.
- 1973: Becomes the first media company to list on the Nairobi Stock Exchange.
- 1999: Enters broadcast with NTV Kenya and Easy FM.
- 2016: Inaugurates a $20 million state-of-the-art printing press.
- 2026: Divestiture to Taarifa Ltd marks the conclusion of 66 years of AKFED stewardship.
As of Tuesday’s market close, NMG shares stood at Kes 13.25, valuing the transferred stake at approximately Ksh. 1.23 billion.