The landmark shift for East Africa’s media landscape, Tanzanian billionaire Rostam Azizi has agreed to acquire the controlling stake in Nation Media Group (NMG), the region’s largest independent media company. This deal marks the end of a 66-year era under the Aga Khan Fund for Economic Development (AKFED), which has steered NMG since its inception in 1959. Announced on March 10, 2026, the transaction involves Azizi’s Taarifa Ltd purchasing 100% of NPRT Holdings Africa Limited, AKFED’s investment vehicle holding 54.08% of NMGโequivalent to 92,618,177 ordinary shares.
Subject to regulatory approvals in Kenya, Tanzania, and Uganda, the deal is expected to close in three to four months, ushering in new ownership for a media giant that has shaped public discourse across the continent.
NMG’s story began amid the winds of change sweeping Africa during the late colonial era. Founded by His Highness the Aga Khan as a voice for the African majority, the company launched Taifa Leo, Kenya’s first Swahili newspaper, in 1959, followed by the Daily Nation and Sunday Nation in 1960.
Over the decades, NMG expanded into a multimedia powerhouse with operations in Kenya, Uganda, Tanzania, and Rwanda. Today, it encompasses newspapers like The East African, broadcast outlets such as NTV and Nation FM, and robust digital platforms that attract millions of users. Listed on the Nairobi Securities Exchange since 1973, NMG employs over 1,100 people and has been pivotal in promoting independent journalism, education, and entertainment in a region often marked by political turbulence.
AKFED’s role has been instrumental in this growth. As the economic arm of the Aga Khan Development Network, AKFED invested in NMG to foster development through media, emphasizing editorial independence and public service. Under its stewardship, NMG navigated milestones like the launch of NTV in 1999 and digital expansions in the 2000s, while upholding values of credible reporting amid East Africa’s evolving democracies.
Sultan Ali Allana, AKFED Director, reflected on this legacy: “AKFED is proud of its contribution to building one of Africa’s most respected media institutions.” The fund will continue supporting journalism via the Aga Khan University Graduate School of Media and Communications, ensuring its commitment to the sector endures beyond this divestment.
This ownership change raises intriguing questions about NMG’s future. Azizi’s media experience with Habari Corporation and his cross-border investments could bolster NMG’s regional expansion, particularly in Tanzania.
However, observers like media analysts on X have sparked debates on press freedom, given Azizi’s political history. Will this inject vitality into a company facing digital disruptions, or alter its storied independence? As East Africa’s media evolves, NMG under Azizi promises innovation while honoring its roots in public service journalism.
