The Aga Khan Fund for Economic Development (AKFED) has announced the sale of its controlling stake in Nation Media Group (NMG), marking the end of a 66-year relationship with one of East Africa’s most influential media houses.
The development follows an agreement in which AKFED sold its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi. NPRT Holdings Africa Limited holds 54.08 per cent stake in Nation Media Group, representing more than 92 million ordinary shares in the company.
The transaction effectively hands Azizi the controlling interest in the Nairobi-based media group, ushering in a new chapter for the company that operates several major news platforms across East Africa.
Despite the change in ownership, NMG shares will continue to trade on the Nairobi Securities Exchange and the company is expected to maintain its current operations.
AKFED said the sale brings to a close a partnership that dates back to 1959, when the Aga Khan helped establish an independent press in East Africa during the colonial period. Over the decades, the organisation played a key role in building NMG into one of the region’s largest and most respected media institutions.
During its stewardship, Nation Media Group expanded its operations across print, broadcast and digital platforms, launching major publications and media outlets such as the Daily Nation, Sunday Nation and NTV Kenya, while also expanding into neighbouring countries including Uganda and Tanzania.
Speaking about the transition, AKFED Director Sultan Ali Allan praised the media house’s legacy and expressed confidence on its future under the new ownership.
“We are proud of our contribution to building one of Africa’s most respected media institutions. We are confident that Nation Media Group will continue to uphold the values of independent journalism and service to the public that have defined it for more than six decades,” he said.
For Azizi, the acquisition represents an opportunity to strengthen the company’s growth and adapt to the rapidly evolving media industry. Through Taarifa Ltd, the investor has pledged to support the media group’s digital transformation and expand its reach across the region.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group. NMG is an institution of profound importance to East Africa and we will uphold its editorial independence while investing in its continued success,” Azizi said.
The deal is expected to be completed within the next few months, subject to approvals from regulatory bodies including Kenya’s communications and capital markets authorities.
Even after exiting direct ownership, AKFED said it will continue supporting journalism in the region through the Aga Khan University Graduate School of Media and Communications, which trains journalists and media professionals in East Africa.
Industry observers say the ownership change marks a significant moment for the region’s media landscape, as one of the most influential media organisations enters a new era under different leadership while continuing its long-standing mission of providing independent journalism to the public.
