NAIROBI, Kenya Mar 10 – The Aga Khan Fund for Economic Development (AKFED) has announced it is exiting its 66-year investment in Nation Media Group (NMG), ending a long-standing partnership with one of East Africa’s most influential media houses.
AKFED will sell its 100 percent shareholding in NPRT Holdings Africa Limited—the investment vehicle that owns a 54.08 percent controlling stake in NMG to Tanzania-based Taarifa Ltd, owned by businessman, entrepreneur, and economist Rostam Azizi.
The sale gives Taarifa Ltd majority ownership of NMG, comprising 92,618,177 ordinary shares, while NMG shares will continue trading on the Nairobi Securities Exchange and other cross-listed platforms.
President William Ruto and Tanzania Tycoon Rostam Azizi at the Taifa Gas launch in Mombasa, 2023.Founded in 1959 by His Highness Prince Karim Aga Khan IV through the acquisition of the Kiswahili weekly Taifa Leo, Nation Media Group grew into a multi-platform media company with over 30 brands, a digital audience exceeding 62 million users, and a workforce of more than 1,000 professionals across Kenya, Uganda, Tanzania, and beyond.
The media house has played a central role in Kenya’s democratic development, from coverage of the multiparty transition in the 1990s to civic education during the 2010 constitutional referendum.
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In a statement, AKFED Director Sultan Allana said the fund was proud of its contribution to building one of Africa’s most respected media institutions.
“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.
Over the decades, AKFED has overseen key milestones for NMG, including the launch of the Sunday Nation and Daily Nation, the listing on the Nairobi Securities Exchange in 1973, the establishment of The EastAfrican, and the launch of NTV Kenya and Easy FM 1.
The company also expanded regionally through acquisitions in Uganda and Tanzania, invested in a comprehensive online presence, launched the Newspapers in Education program, and inaugurated a USD 20 million state-of-the-art printing press in 2016.
For Rostam Azizi, the acquisition represents a platform for accelerating NMG’s digital transformation. 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.
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“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,” he said.
Azizi owns the Sh 16 billion Taifa Gas Project in Dongo Kundu, Mombasa County.The LPG storage and distribution plant, developed by Taifa Gas Investments SEZ Limited, is now 80 per cent complete and is expected to be operational by March this year.
The project initially faced challenges over compensation and relocation of communities on the 3,000-acre site.
Although construction began in 2023 under the launch by President William Ruto, disagreements between the investor and some residents slowed progress until a court cleared the project last October.
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While AKFED exits ownership, it will continue to support journalism education through the Aga Khan University Graduate School of Media and Communications (GSMC), which offers programs in digital journalism, media leadership, innovation, and strategic communications.
Over the last decade, GSMC has graduated more than 200 postgraduate professionals and trained over 7,000 practitioners, producing documentaries, public forums, and masterclasses that have strengthened media capacity across East Africa.
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