The Aga Khan Fund for Economic Development (AKFED) has sold its 54.08% controlling stake in Nation Media Group (NMG) to Taarifa Ltd, owned by Tanzanian billionaire Rostam Abdulrasul Azizi. The transaction marks the end of a six‑decade partnership with one of East Africa’s most influential media houses.
Azizi, Tanzania’s first dollar billionaire according to Forbes, now holds 92.6 million ordinary shares, giving him majority ownership of NMG. Despite the change in control, the company’s shares will continue trading on the Nairobi Securities Exchange and remain cross‑listed in regional markets.
Legacy of Independent Journalism
Founded in 1959 when His Highness Prince Karim Aga Khan IV acquired the Kiswahili weekly Taifa Leo, NMG grew into a multi‑platform media powerhouse with more than 30 brands, a digital audience of 62 million, and over 1,000 employees across Kenya, Uganda, and Tanzania.
Over the decades, the group played a pivotal role in Kenya’s democratic journey, from covering the return to multiparty politics in the 1990s to providing civic education during the 2010 constitutional referendum.
“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 Ali Allana, Director of AKFED.
Milestones Under AKFED
During its stewardship, AKFED oversaw:
- Launch of the Daily Nation and Sunday Nation
- NMG’s listing on the NSE in 1973
- Establishment of The EastAfrican
- Launch of NTV Kenya and Easy FM
- Regional expansion into Uganda and Tanzania
- A $20 million state‑of‑the‑art printing press in 2016
The group also strengthened its digital footprint and introduced the Newspapers in Education programme, reinforcing its role as a leader in media innovation.
Azizi’s Vision for the Future
For Rostam Azizi, the acquisition represents a chance to accelerate NMG’s digital transformation.
“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,” Azizi said.
Azizi is also spearheading the Sh16 billion Taifa Gas project in Dongo Kundu, Mombasa County — an LPG storage and distribution plant that is nearly complete and expected to be operational soon.
Taarifa Ltd confirmed it has no plans to delist NMG or make a mandatory offer for the remaining shares.
Continuing Support for Journalism
Although AKFED has exited NMG ownership, it pledged to continue supporting journalism training through the Aga Khan University Graduate School of Media and Communications (GSMC). Over the past decade, GSMC has graduated more than 200 postgraduate professionals and trained 7,000 media practitioners across East Africa, strengthening the region’s capacity for independent, ethical journalism.
