Nation Media Group Acquired by Tanzanian Tycoon

The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its controlling stake in Nation Media Group to Tanzanian businessman and former politician Rostam Azizi, ending a 66-year ownership link with East Africa’s largest independent media company.

AKFED announced on 10 March in Geneva that it had divested its entire holding in NPRT Holdings Africa Limited, the investment vehicle through which it controlled Nation Media Group. The stake, amounting to 54.08 percent or more than 92 million ordinary shares, has been acquired by Taarifa Ltd, a company owned by Azizi. The financial terms of the transaction were not disclosed.

The acquisition makes Azizi the majority shareholder of Nation Media Group, a position held by AKFED since the media house was established in 1959. Over several decades, the company expanded into a regional media organisation operating more than 30 brands across East Africa. It also became one of the first companies to list on the Nairobi Securities Exchange in 1973.

Nation Media Group traces its origins to East African Newspapers (Nation Series) Ltd and the launch of the Swahili weekly Taifa Leo. Since then, the group has developed a multi-platform presence across print, broadcast, and digital media. It now reaches an estimated 62 million digital users across the region.

Azizi said the acquisition represents a renewed involvement in the media sector and expressed support for the organisation’s editorial independence. He said that Nation Media Group plays an important role in East Africa and that the new ownership intends to maintain its independence while supporting its future development. 

Taarifa Ltd also plans to invest in the company’s digital transformation and strengthen engagement with audiences. The transaction remains subject to regulatory approval and is expected to be completed within three to four months.