The Aga Khan Fund for Economic Development (AKFED) has announced it is exiting its investment in Nation Media Group, ending a 66-year partnership with one of East Africa’s most influential media houses.
AKFED will sell its 100% shareholding in NPRT Holdings Africa Limited to Tanzania-based Taarifa Ltd, owned by Rostam Azizi.
Rostam Azizi is a businessman, entrepreneur, and economist with experience across multiple sectors, including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
NPRT holds a 54.08% stake in Nation Media Group, equivalent to 92,618,177 ordinary shares, giving Taarifa Ltd a controlling interest in the company.
“The Aga Khan Fund for Economic Development S.A. (AKFED) today announced that it has entered into an agreement to sell its 100% shareholding in NPRT Holdings Africa Limited,” read the statement.
Nation Media Group was founded in 1959 when His Highness Prince Karim Aga Khan IV purchased the Kiswahili weekly Taifa Leo to create an independent press during the colonial period.
For six decades, the company has grown into a multi-platform media platform in four countries, with over 30 brands, reaching more than 62 million digital users and employing over 1,000 professionals.
The media house has been central to Kenya’s democratic development, from coverage of the multiparty transition in the 1990s to civic education during the 2010 constitutional referendum.
AKFED Director Sultan Allana stated that they are confident that NMG will continue to uphold the values of digital journalism.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions. 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.” said Sultan Allana
Key milestones AKFED in NMG include:
- Founded East African Newspapers (Nation Series) Ltd and acquired the Kiswahili weekly Taifa Leo – 1959
- Launched the Sunday Nation and Daily Nation – 1960
- Listed on the Nairobi Securities Exchange – 1973
- Launched The EastAfrican, hailed as one of sub-Saharan Africa’s finest newspapers – 1994
- Launched NTV Kenya and Easy FM 1 – 1999
- Regional expansion through acquisition of Daily Monitor (Uganda) and establishment of Mwananchi Communications (Tanzania) – 2002–2005
- Among the first African media companies to establish a comprehensive online presence – 2006
- Launched the Newspapers in Education programme, promoting literacy and civic awareness – 2009
- Inaugurated a USD 20 million state-of-the-art printing press, the largest media investment in East and Central Africa – 2016
- Digital audience exceeds 62 million users – 2024
According to Rostam Azizi, the acquisition by Taarifa Ltd sets the stage for NMG’s digital growth.
“We are honored 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 as the region’s leading independent media organisation.” said Rostam Azizi.
Taarifa Ltd has stated that it does not currently plan to make a mandatory or voluntary offer for the remaining shares or to delist.
NMG shares will continue to trade on the Nairobi Securities Exchange and other cross-listed platforms.
While exiting NMG, AKFED will continue to support journalism education through the Aga Khan University Graduate School of Media and Communications (GSMC).
GSMC offers programs in Digital Journalism, Media Leadership and Innovation, and Strategic Communications, as well as executive courses.
Over the last decade, GSMC has graduated over 200 postgraduate professionals and trained more than 7,000 practitioners.
Its initiatives include 52 environmental documentaries and over 100 public forums and masterclasses, building media capacity across East Africa.
