The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its entire stake in Nation Media Group (NMG), marking the end of a 66-year ownership that helped build one of East Africa’s most influential media houses.
In a statement released Tuesday, AKFED said it had entered into an agreement to sell 100 percent of its shareholding in NPRT Holdings Africa Ltd, the investment vehicle that controls 54.08 percent of NMG, equivalent to 92.6 million shares.
The buyer is Rostam Azizi, an East African businessman and entrepreneur, through his company Taarifa Ltd.
The transaction, which remains subject to regulatory approvals, is expected to be completed within three to four months.
AKFED said the sale concludes its long association with the media group, which began in 1959 when Aga Khan IV founded East African Newspapers and acquired the Kiswahili publication Taifa Leo. The group later launched the Daily Nation in 1960, which became one of the region’s most widely read newspapers.
Over the decades, NMG expanded into television, radio, and digital media, growing into a multi-platform organisation with more than 30 media brands operating in Kenya, Uganda, Tanzania and Rwanda.
AKFED said it was proud of its role in building one of Africa’s most respected media institutions and expressed confidence that the group would continue upholding its tradition of independent journalism.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said AKFED Director Sultan Allana in the statement.
Mr Azizi said his company was honoured to become the majority shareholder of NMG and would support its continued development.
“NMG is an institution of profound importance to East Africa,” he said. “We will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
Taarifa Ltd said it does not currently plan to make a mandatory offer for the remaining NMG shares or to delist the company, meaning the media group will remain listed on the Nairobi Securities Exchange and other regional bourses.
The new shareholder said it intends to support further investment in the company’s digital transformation and audience growth, as media consumption increasingly shifts online across the region.
Nation Media Group remains the largest independent media house in East and Central Africa, reaching more than 62 million digital users and employing over 1,000 professionals across the region.
