Nairobi, Kenya – The Aga Khan Fund for Economic Development S.A. (AKFED), the Swiss-based international development institution, announced on March 10, 2026, that it had entered into an agreement to sell its 100 per cent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Tanzanian billionaire Rostam Aziz.
NPRT Holdings Africa Limited currently holds 92,618,177 ordinary shares in Nation Media Group PLC (NMG), representing 54.08 per cent of the company’s total issued share capital. The transaction effectively hands Aziz a controlling majority stake in the largest independent media house in East and Central Africa.
The deal concludes AKFED’s 66-year association with NMG, which began in 1959 when His Highness the Aga Khan IV founded the group as East African Newspapers Ltd with the vision of giving the African majority a free and independent press ahead of independence.
The deal’s structure
The transaction is structured as an internal reorganisation of AKFED’s shareholding. Under a share transfer agreement dated July 30, 2025, AKFED will sell, and NPRT will purchase the shares, with NPRT becoming the direct holder while AKFED remains the beneficial owner — until the final transfer to Taarifa Ltd is completed.
The deal is expected to conclude within three to four months, subject to regulatory approvals from Kenya’s Capital Markets Authority (CMA), the Nairobi Securities Exchange (NSE), and the Communications Authority of Kenya.
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Taarifa Ltd has confirmed it does not intend to make a mandatory or voluntary takeover offer for the remaining NMG shares. The company has also pledged not to delist NMG from any of the four securities exchanges on which it is currently listed — the NSE, the Uganda Securities Exchange, the Rwanda Stock Exchange, and the Dar es Salaam Stock Exchange.
No significant changes to NMG’s operations or governance are envisaged as a result of the transaction, according to the public announcement filed under Kenya’s Capital Markets (Take-overs and Mergers) Regulations, 2002.
Who is Rostam Aziz?
Rostam Aziz is a self-made Tanzanian billionaire who, according to Forbes, became the first Tanzanian dollar billionaire in 2013 with a net worth exceeding US$10 billion. He is also recognised by the Henley & Partners Africa Wealth Report 2022 as the only dollar billionaire in East Africa.
His business interests span telecoms, energy, mining, agriculture, real estate, port facilities, and construction. He previously held a 35 per cent stake in Vodacom Tanzania, the country’s largest mobile phone company, which he sold in tranches — first selling 17.2 per cent to Vodacom Group for approximately US$250 million in 2014, and the remaining stake for US$220 million in 2019.
Aziz is not new to the media industry. He was a co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he helped establish Mwananchi, The Citizen, and Mwanaspoti newspapers — titles that were subsequently acquired by NMG. He currently holds interests in Habari Corporation, a media house in Tanzania.
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“NMG is now poised to expand its impact through further investment in its digital transformation,” said AKFED and Taarifa Ltd in a joint statement. “Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism.”
A media giant changes hands
Nation Media Group is, by any measure, the dominant media force in East and Central Africa. Founded on March 20, 1960, with the launch of the Daily Nation, the group has grown into a multi-platform conglomerate operating more than 30 brands across Kenya, Uganda, Tanzania, and Rwanda.
Its portfolio includes the Daily Nation, Business Daily, The EastAfrican, Daily Monitor in Uganda, NTV Kenya, NTV Uganda, KFM, and several radio and digital platforms. Its digital audience exceeded 62 million users in 2024, making it one of the most-read media organisations on the continent.
NMG was listed on the Nairobi Securities Exchange in 1973, making it among the first African media companies to trade on a securities exchange. In 2016, Aga Khan IV inaugurated a US$20 million state-of-the-art printing press — then the largest single media investment in the history of East and Central Africa.
AKFED Director Sultan Allana acknowledged the significance of the moment. “AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” he said. “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.”
Why it matters
The acquisition is widely regarded as one of the most consequential media ownership changes in East Africa in decades. It transfers control of the region’s most influential media house to a private East African businessman at a time when the industry is navigating profound structural challenges.
Traditional media across the region is under pressure from collapsing print revenues, the rise of mobile-first news consumption, and the dominance of global digital platforms such as Google and Meta in capturing advertising spend. NMG itself has been implementing a “North Star Strategy (2022–2027)” aimed at building a digital-first, audience-driven business model.
The entry of Aziz — a businessman with deep roots in East African media and a stated commitment to digital investment — signals a potential acceleration of that transformation. Taarifa Ltd has committed to supporting NMG’s digital growth and strengthening its connection with audiences across the region.
For observers of African media, the deal also raises broader questions about the future of editorial independence under private ownership. Aziz’s pledge to uphold NMG’s journalistic values will be closely watched, particularly given the group’s historic role in holding governments to account across four countries.
The transaction also underscores a growing trend of media ownership consolidation in Africa, where a small number of wealthy individuals and conglomerates are acquiring dominant positions in the information ecosystem.
Whether Aziz’s stewardship will reinforce or dilute NMG’s tradition of independent journalism remains the defining question of this landmark deal.
