The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its controlling stake in Nation Media Group, marking the end of a 66-year ownership that began in 1959.
The stake will be acquired by Taarifa Limited, a company owned by Tanzanian businessman Rostam Aziz.
The transaction will involve the sale of NPRT Holdings Africa Limited, the investment vehicle through which AKFED holds its shares in Nation Media Group.
According to the agreement, NPRT Holdings Africa owns 54.08 percent of Nation Media Group, equivalent to approximately 92.6 million shares.
The deal is subject to regulatory approvals before it can be completed.
End of a Longstanding Ownership Era
The move brings to a close one of the longest-running ownership relationships in East African media.
The Aga Khan Fund for Economic Development first invested in the media company in 1959, helping transform it into one of the largest and most influential independent media houses in the region.
Over the decades, Nation Media Group expanded across East Africa with operations in print, television, radio and digital media.
The company publishes major regional titles including the Daily Nation, Business Daily, The EastAfrican, and operates the NTV and Nation FM broadcast brands.
Ownership Transfer to Tanzanian Investor
The buyer, Rostam Aziz, is one of Tanzania’s most prominent businessmen with interests spanning telecommunications, energy, logistics and infrastructure.
His investment vehicle, Taarifa Limited, will acquire the controlling stake currently held by AKFED through NPRT Holdings Africa.
If approved by regulators, the transaction will transfer majority ownership and control of Nation Media Group to the Tanzanian investor.
However, the company will remain publicly listed on regional stock exchanges.
NMG to Remain Listed on Regional Exchanges
Despite the change in ownership, Nation Media Group will continue trading on the:
- Nairobi Securities Exchange
- Uganda Securities Exchange
- Rwanda Stock Exchange
Maintaining its public listing means minority shareholders will continue to hold stakes in the media group.
The company remains one of the most widely held media stocks in East Africa, with institutional and retail investors across the region.
Significance for East Africa’s Media Industry
The deal represents one of the most significant ownership changes in East Africa’s media sector in decades.
Founded in Kenya, Nation Media Group has played a major role in shaping journalism, media independence and public discourse across the region.
Industry analysts say the acquisition could reshape strategic direction at the company as the new investor assumes control.
At the same time, regulatory review will likely focus on issues such as media ownership concentration, cross-border investment and editorial independence.
Awaiting Regulatory Approval
The transaction must still receive approvals from relevant regulators and competition authorities before completion.
These may include authorities overseeing capital markets, competition and media ownership rules in the countries where Nation Media Group operates.
Until approvals are secured and the transaction is completed, the Aga Khan Fund for Economic Development remains the controlling shareholder of Nation Media Group.
