The Aga Khan Fund for Economic Development (AKFED) has announced plans to sell its controlling stake in Nation Media Group (NMG), ending a partnership that has lasted for more than six decades.
In a statement released on Tuesday, March 10, AKFED confirmed it had agreed to sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by East African businessman Rostam Azizi.
NPRT Holdings Africa Limited currently owns 54.08 percent of Nation Media Group, representing 92,618,177 ordinary shares. Once regulatory approvals are completed, the transaction will transfer majority ownership of the leading East African media house to the new investor.
End of a Six-Decade Partnership
AKFED Director Sultan Allana expressed pride in the institution’s role in developing NMG over the years.
“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.
The partnership between AKFED and the media group dates back to 1959, when the late Prince Karim Aga Khan IV founded East African Newspapers (Nation Series) Ltd and acquired the Kiswahili weekly Taifa Leo.
Over time, the company expanded into a regional media powerhouse with operations across Kenya, Tanzania, Uganda, and Rwanda.
New Investor Promises Editorial Independence
The new majority investor, Rostam Azizi, has extensive experience in sectors such as media, telecommunications, mining, agriculture, and construction.
Azizi previously co-founded Mwananchi
Communications Limited, which launched popular Tanzanian publications including Mwananchi, The Citizen, and Mwanaspoti before they were later acquired by Nation Media Group.
Speaking after the announcement, Azizi said the new ownership will protect the editorial independence of the media organisation while supporting its future 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,” he stated.
NMG’s Regional Influence
Nation Media Group is currently one of the largest media organisations in East and Central Africa, operating more than 30 media brands including newspapers, broadcast stations, and digital platforms.
The company reaches over 62 million users across the region and has been listed on the Nairobi Securities Exchange since 1973.
Digital Transformation and Cost Restructuring
The announcement comes shortly after NMG revealed plans to close its Mombasa bureau office and transition staff to a fully remote working model starting March 2026.
Group Managing Director George Odundo explained that the move is part of the company’s North Star Strategy, which aims to transform NMG into a digital-first, audience-driven media organisation.
According to Odundo, the restructuring will help the company reduce operational costs while strengthening its investment in digital journalism.
“These steps form part of a broader effort to ensure long-term sustainability while protecting our core investment in journalism and digital growth,” Odundo said.
The sale of the controlling stake marks a historic transition for one of East Africa’s most influential media institutions, as it prepares to enter a new phase under different ownership while continuing its shift toward digital media.
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