The Aga Khan Fund for Economic Development (AKFED) has sold its controlling stake in Nation Media Group (NMG), ending a historic 66-year partnership that shaped independent journalism across Kenya, Uganda, Tanzania, and Rwanda.
The deal, finalized on March 10, 2026, at Nairobi’s Serena Hotel, sees AKFED divest its 100% ownership in NPRT Holdings Africa Limited — the vehicle controlling 54.08% of NMG (equivalent to 92,618,177 ordinary shares) — to Taarifa Ltd, a company fully owned by prominent Tanzanian billionaire and businessman Rostam Azizi.
The transaction marks the close of an era for NMG, East Africa’s largest independent media house, which AKFED has backed since its founding roots in 1959. Under the Aga Khan’s stewardship, NMG grew into a powerhouse with over 30 brands spanning print, broadcast, and digital platforms, reaching millions regionally.
Azizi, a self-made magnate with vast interests in telecommunications, mining, energy, agriculture, real estate, and media — including Tanzania’s Habari Corporation — now emerges as NMG’s majority shareholder. The entrepreneur, often recognized as Tanzania’s first dollar billionaire, pledged unwavering support for NMG’s future.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi stated. “NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
A joint statement from AKFED and Taarifa Ltd emphasized the strategic pivot: NMG is “poised to expand its impact through further investment in its digital transformation.” Taarifa Ltd committed to accelerating this shift, enhancing audience connections, and preserving NMG’s legacy of public-interest journalism amid evolving media landscapes.
Sultan Allana, AKFED Director, expressed confidence in the handover: “We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades.”
AKFED’s departure does not sever all ties to media development in the region. The fund highlighted its ongoing commitment through the Aga Khan University Graduate School of Media and Communications (GSMC), which has trained thousands of East African journalists and professionals since 2015.
The acquisition, subject to regulatory approvals and expected to close in the coming months, positions NMG for renewed growth under private East African ownership. Industry observers view the move as a boost for digital innovation in a competitive market, while questions linger about the implications for editorial independence in one of the region’s most influential media entities.
This blockbuster transfer underscores the evolving dynamics of media ownership in East Africa, as homegrown investors like Azizi step up to lead iconic institutions into the digital age.
