The Aga Khan Fund for Economic Development (AKFED) ended its 66-year stewardship of Nation Media Group (NMG), signing over its entire shareholding to Rostam Azizi’s acquisition vehicle, Taarifa Ltd.
Just as the ink was drying on this historic deal, the Kenyan government moved to prioritize the settlement of a massive Ksh. 410.6 million debt owed specifically to NMG. While the government has historically been slow to pay media houses, this sudden push to clear nearly half a billion shillings to the very company Azizi just acquired is being closely watched by industry analysts.
The funds are primarily aimed at clearing MyGov advertising arrears:
- Nation Media Group (NMG): Ksh. 410,585,496.84
- Standard Group Plc: Ksh. 228,852,852.00
- Mediamax Network: Ksh. 191,086,800.00
- Kenya Yearbook Editorial Board: Ksh. 19,520,000.00
The convergence of his entry into Kenya’s most influential media house and the government’s sudden liquidity for media debts has sparked debate. Critics and observers are questioning whether the settlement is a routine fiscal cleanup or a strategic gesture toward a powerful new player in the local landscape.
Rostam Azizi is no stranger to the Kenyan administration. Beyond his new media empire, he is the force behind the Ksh. 16.8 billion Taifa Gas plant in Mombasa, a project commissioned by President William Ruto in 2023.
Interestingly, the budget request also looks back to 2022, seeking to pay for:
- Sarova Stanley: Ksh. 510,000 for a May 2022 media briefing.
- Bahari Beach Hotel: Ksh. 346,800 for Government Spokesperson facilities in May 2022.
- Petals Hygiene: Ksh. 334,659 for cleaning services from June 2022.