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The Aga Khan Fund for Economic Development (AKFED) has revealed plans to divest its majority ownership in Nation Media Group (NMG), bringing to an end a 66-year relationship with one of East and Central Africa’s leading media organizations.
In a statement released Tuesday, AKFED said it had reached an agreement to sell its full shareholding in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT currently owns 54.08 percent of Nation Media Group, equivalent to 92,618,177 ordinary shares.
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The deal is still awaiting regulatory approval and is expected to be finalized within three to four months once all conditions are satisfied.
AKFED noted that the transaction will mark the end of its long partnership with the media house, which began in 1959, as the organization moves to transition ownership while NMG continues focusing on its digital transformation strategy.
AKFED Director Sultan Allana said the institution takes pride in helping build one of Africa’s most respected media companies.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” Allana said.
“We are confident NMG will continue to uphold the values of independent journalism and public service that have guided it for more than six decades.”
Nation Media Group’s history dates back to 1959 when the Kiswahili weekly Taifa Leo was acquired to help promote an independent press during the colonial era.
Over time, the company expanded into a major multi-platform media organization, operating over 30 brands across Kenya, Uganda, Tanzania, and Rwanda.
The first edition of the Daily Nation was published on March 20, 1960, and by the time Kenya gained independence in December 1963, the newspaper had already become a key source of news and commentary.
NMG later made history by becoming one of the first media firms in Africa to list on a stock exchange, with its shares trading on the Nairobi Securities Exchange since 1973.
Today, the company reaches more than 62 million digital users and employs over 1,000 staff across the region.
Its portfolio includes publications such as Daily Nation, Sunday Nation, and The EastAfrican, alongside broadcast and digital platforms like NTV Kenya and Nation FM.
According to AKFED, Taarifa Ltd intends to support the continued growth of Nation Media Group, particularly by strengthening its digital expansion and audience engagement.
Taarifa Ltd is owned by Rostam Azizi, an East African businessman and economist with investments in sectors including media, telecommunications, mining, agriculture, energy, real estate, and construction.
Azizi previously co-founded Mwananchi Communications Limited and held shares in the company between 2000 and 2006. During that time, he helped launch newspapers including Mwananchi, The Citizen, and Mwanaspoti, which were later acquired by Nation Media Group.
He currently has business interests in Habari Corporation, a Tanzanian media company.
Azizi said acquiring the stake in NMG is both an honor and a responsibility.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” he said.
“NMG is a vital institution in East Africa, and we will maintain its editorial independence while investing in its continued growth as a leading independent media organisation.”
AKFED further stated that Taarifa Ltd does not currently intend to make a mandatory or voluntary offer for the remaining shares in the company, nor does it plan to delist NMG from any stock exchange.
This means Nation Media Group shares will continue trading on the Nairobi Securities Exchange and other markets where it is cross-listed, while the current board will remain in charge of the company’s operations.
The statement also emphasized that the Aga Khan Development Network will still support journalism through the Aga Khan University Graduate School of Media and Communications, established in 2015.
The institution offers postgraduate education and professional training for journalists and media professionals across East Africa.
Since its launch, the school has produced over 200 postgraduate graduates and trained more than 7,000 media practitioners in areas such as digital strategy, newsroom leadership, and gender-sensitive reporting.
AKFED said the planned sale signals the end of its direct ownership role in Nation Media Group, while maintaining its broader commitment to strengthening journalism and media education in the region.
