A partnership that has shaped East Africa’s largest independent media house for more than six decades comes to an end, after the Aga Khan Fund for Economic Development (AKFED) announced it will sell its controlling stake in Nation Media Group (NMG).
In a statement issued on Tuesday, March 10, 2026, from Geneva, AKFED said it had agreed to sell its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, owned by Rostam Azizi.
NPRT Holdings Africa Limited currently holds a 54.08% stake in Nation Media Group, equivalent to 92,618,177 ordinary shares, giving the buyer effective control of the Nairobi-listed media company.
The deal concludes AKFED’s 66-year association with Nation Media Group, which began in 1959 when the development arm of the Aga Khan Development Network invested in the region’s emerging independent press.
Nation Media Group traces its origins to the purchase of the Kiswahili newspaper Taifa Leo during the colonial era, aimed at creating an independent platform for African voices.
The company expanded with the launch of the Daily Nation on March 20, 1960, which quickly became one of the most influential newspapers in East Africa. By the time Kenya gained independence in 1963, the publication had already established itself as a major source of news and political analysis.
Over the years, the company evolved into a regional multimedia group operating more than 30 brands across four countries and reaching over 62 million digital users, while employing more than 1,000 staff across the region.
AKFED said the transition comes as Nation Media Group accelerates its digital transformation, with the incoming shareholder expected to support new investments in technology and audience growth.
According to the statement, Taarifa Ltd plans to help the media house expand its digital footprint and strengthen engagement with audiences while maintaining its tradition of public-interest journalism.
AKFED Director Sultan Allana expressed pride in the role the development institution has played in building the media house over the decades.
"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 buyer, Taarifa Ltd, is owned by East African businessman Rostam Azizi, who has experience across several sectors including media, telecommunications, mining, agriculture, and construction.
Azizi also previously co-founded Mwananchi Communications Limited, which launched publications such as Mwananchi, The Citizen, and Mwanaspoti in Tanzania before they were later acquired by Nation Media Group.
Azizi said the new ownership intends to preserve the editorial independence of the media organisation while supporting its growth and digital evolution.
"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 said.
Beyond business, Aziz served as the Member of Parliament for the Igunga Constituency from 1994 to 2011. He also oversees multiple firms, including Taifa Gas, one of the largest liquefied petroleum gas suppliers in East Africa. In 2023, Kenya's President William Ruto presided over the launch of Taifa Gas’s LPG facility at the Dongo Kundu Special Economic Zone in Mombasa County.
Presently, Nation Media Group runs more than 30 media brands, including newspapers, broadcast stations, and digital platforms reaching more than 62 million users across East and Central Africa.
NMG listed on the Nairobi Securities Exchange (NSE) in 1973, becoming one of the first media companies in Africa to trade publicly.
The transaction now signals one of the biggest ownership changes in the history of East African media, with industry observers closely watching how the new ownership structure will shape the future of the region’s most influential newsroom. The transaction is subject to regulatory approvals. No financial terms were disclosed in Tuesday’s announcement.
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