NAIROBI, Kenya — The Aga Khan Fund for Economic Development (AKFED) has announced it will exit its 66-year investment in Nation Media Group (NMG), marking the end of a historic partnership with one of East Africa’s most influential media organisations.
Under the transaction, AKFED will sell its entire shareholding in NPRT Holdings Africa Limited—the investment vehicle that holds a 54.08pc controlling stake in Nation Media Group—to Taarifa Ltd, a firm owned by Tanzanian businessman Rostam Azizi.
The deal gives Azizi majority ownership of the Nairobi-based media house through the acquisition of 92,618,177 ordinary shares.
Despite the ownership change, NMG shares will continue trading on the Nairobi Securities Exchange and other regional exchanges where the company is cross-listed.
A Six-Decade Legacy
Nation Media Group traces its origins to 1959, when Karim Aga Khan IV acquired the Kiswahili weekly Taifa Leo, laying the foundation for what would become the region’s largest independent media organisation.
Over the decades, the company expanded into a multi-platform media house with more than 30 brands, a digital audience exceeding 62 million users, and over 1,000 employees operating across Kenya, Uganda, and Tanzania.
The organisation has also played a prominent role in Kenya’s democratic history, including its coverage of the return to multiparty politics in the 1990s and civic education efforts during the 2010 Kenyan constitutional referendum.
AKFED Director Sultan Allana said the fund was proud of its contribution to building a respected media institution.
“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,” he said.
Expansion Under AKFED Stewardship
During its ownership, AKFED oversaw several major developments at Nation Media Group.
These included the launch of flagship publications Daily Nation and Sunday Nation, the company’s listing on the Nairobi Securities Exchange in 1973, and the establishment of the regional newspaper The EastAfrican.
The group later expanded into broadcast media with NTV Kenya and radio station Easy FM, while also investing heavily in digital platforms.
In 2016, the company installed a $20 million state-of-the-art printing press to strengthen its publishing infrastructure.
New Ownership Vision
Azizi said the acquisition represents an opportunity to accelerate the company’s digital transformation while preserving its editorial independence.
“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 as the region’s leading independent media organisation,” he said.
Taarifa Ltd indicated it currently has no plans to make a mandatory or voluntary offer for the remaining shares or to delist the company from the stock exchange.
Broader Business Interests
Azizi is also behind the Sh16 billion Taifa Gas project in Dongo Kundu, Mombasa County, a major liquefied petroleum gas storage and distribution facility being developed by Taifa Gas Investments SEZ Limited.
The project is about 80pc complete and is expected to become operational soon, positioning the coastal hub as a key LPG distribution centre in the region.
Continued Support for Journalism Training
Although AKFED is exiting ownership of Nation Media Group, the organisation said it will continue supporting journalism training through the Aga Khan University Graduate School of Media and Communications (GSMC).
Over the past decade, the school has graduated more than 200 postgraduate professionals and trained over 7,000 media practitioners across East Africa through programmes focused on digital journalism, media leadership and strategic communications.
