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Has the Aga Khan Fund exited Nation Media Group?
The Aga Khan Fund for Economic Development (AKFED) has announced its full exit from Nation Media Group (NMG) after more than six decades. The controlling stake has been sold to Taarifa Ltd, a company owned by Tanzanian businessman and entrepreneur Rostam Azizi. This transaction ends a historic relationship that began in the late 1950s and helped shape modern independent journalism across Kenya, Uganda, Tanzania, and Rwanda.
The deal involves AKFED selling its 100% shareholding in NPRT Holdings Africa Ltd—the investment vehicle that controls 54.08% of NMG, equivalent to 92,618,177 shares listed on the Nairobi Securities Exchange. Taarifa Ltd now becomes the majority shareholder, while NMG’s shares will continue trading on the Nairobi Securities Exchange and other regional platforms.
What exactly is the deal and why now?
AKFED is transferring complete ownership of NPRT Holdings Africa Ltd to Taarifa Ltd. This gives the new owner direct control over more than half of NMG’s voting shares without immediately triggering a mandatory offer for the remaining public shares. Taarifa has publicly stated it has no current intention to delist NMG or launch a voluntary offer for the minority shares.
The move appears to reflect AKFED’s strategic decision to reallocate resources toward other priority sectors such as education, healthcare, and sustainable development, while entrusting NMG’s future to a new investor with deep regional roots and a proven track record in scaling businesses. AKFED Director Sultan Allana described the exit as a proud moment, stating the fund is confident that NMG will continue to champion the values of independent journalism and public service that have defined the group for over 66 years.
The timing also coincides with NMG’s ongoing efforts to accelerate digital transformation amid declining traditional print revenues and fierce competition from online platforms and social media.
Who is Rostam Azizi?
Rostam Abdulrasul Azizi is one of East Africa’s most successful and discreet entrepreneurs. Born in 1960 in Tanzania’s Tabora Region to a family of Indian-Iranian descent, he built his fortune across telecommunications, energy, mining, and real estate.
Azizi is best known in the telecom sector for his long-held stake in Vodacom Tanzania, part of which he sold in a high-profile transaction valued at hundreds of millions of dollars. He also owns significant interests in MIC Tanzania (which operates TIGO and Zantel brands), Caspian Mining, and extensive property holdings in the Gulf region.
In the energy space, Azizi controls Taifa Gas Group, East Africa’s largest LPG supplier. The flagship Taifa Gas project in Mombasa’s Dongo Kundu Special Economic Zone—a Sh16 billion facility—was officially launched in 2023 and is now nearing full commercial operation after overcoming initial community and legal hurdles.
Azizi has pledged to preserve NMG’s editorial independence while investing heavily in its digital future. “NMG is an institution of profound importance to East Africa,” he said. “We will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
Is NMG going to fail after Aga Khan existing?
The sale of Nation Media Group’s controlling stake to Tanzanian tycoon Rostam Azizi has drawn sharp criticism from prominent journalists and media observers, including former NMG anchor Larry Madowo, who warned that the shift could mark a serious downgrade for the region’s premier independent media house.
Madowo, a vocal critic of media ownership influences and editorial pressures during his time at NMG (where he previously faced pushback over his columns and commentary), described Azizi’s overnight rise to majority control as making him “the most influential man in the region,” implying risks to journalistic autonomy given Azizi’s deep political and business ties across East Africa. Critics argue that AKFED’s long-standing, relatively detached ownership—rooted in development philanthropy—provided a buffer against local political interference and commercial pressures, helping preserve NMG’s reputation for credible, fearless reporting.
In contrast, a tycoon with extensive interests in telecoms, energy (like the Taifa Gas project), and past political roles in Tanzania might prioritize business alignments or face subtle pressures, potentially eroding editorial independence, leading to softer coverage on powerful figures or sectors, and accelerating what some see as an already troubling “downgrade” in NMG’s influence and trust amid recent financial struggles and staff changes. While Azizi has pledged to uphold independence and focus on digital growth, skeptics like Madowo and others on social media fear this handover could tilt the balance toward owner-friendly journalism, weakening NMG’s historic role as East Africa’s watchdog media institution.
How did NMG evolve under AKFED’s long stewardship?
Since its founding, NMG has grown from a single Kiswahili weekly newspaper into a multi-platform media powerhouse with more than 30 brands, a digital audience of over 62 million monthly users, and a workforce exceeding 1,000 professionals across four countries.
Under AKFED’s guidance, the group launched flagship titles such as the Daily Nation (1960) and Sunday Nation, went public on the Nairobi Securities Exchange in 1973, established The EastAfrican regional weekly in 1995, introduced television through NTV Kenya in 1997, and expanded into Uganda and Tanzania through strategic acquisitions.
The company invested in a state-of-the-art printing facility in 2016, rolled out Newspapers in Education programmes across schools, and built one of the most robust digital ecosystems in African media. NMG has also played a pivotal role in key democratic moments, including coverage of Kenya’s multiparty transition in the 1990s and civic education during the 2010 constitutional referendum.
What is the full history of the Aga Khan’s involvement with NMG?
- 1959 — His Highness the Aga Khan IV establishes East African Newspapers (Nation Series) Ltd and acquires the Kiswahili weekly Taifa Leo for £10,000 as Kenya approaches independence.
- 1960 — The Daily Nation begins publication on March 20, becoming one of the first newspapers to give voice to the African majority during the final years of colonial rule.
- 1968 — After investing more than £1 million, the company turns profitable.
- 1973 — NMG lists on the Nairobi Securities Exchange. The Aga Khan offers 40% of his shares to the public in an oversubscribed offer taken up by more than 3,200 investors, reducing his stake to 60%.
- 1988 — Further public share offerings dilute the Aga Khan’s holding to 45%.
- 1995 — Launch of The EastAfrican, a weekly regional newspaper covering politics, business, and culture across East Africa.
- 1997–2000s — Entry into television with NTV Kenya; acquisitions of The Monitor (Uganda) and The Citizen (Tanzania), establishing a genuine pan-East African footprint.
- 2003 — Remaining shares formally transferred to AKFED, the Aga Khan’s development finance arm.
- 2010s–2020s — Major investments in digital platforms, mobile apps, and a modern printing press; continued regional expansion and training programmes.
This 66-year journey turned a modest startup into East Africa’s most recognised and trusted media brand.
What does this change mean going forward for NMG and East African media?
For NMG, the arrival of Rostam Azizi as controlling shareholder could inject fresh capital, accelerate digital innovation, and strengthen cross-border synergies—particularly important in Uganda, where NMG operates NTV Uganda and Daily Monitor.
Azizi’s experience turning around and scaling large infrastructure and telecom projects suggests he may prioritise technology upgrades, content diversification, and audience monetisation strategies that have so far proved challenging for traditional media houses.
At the same time, media watchers in Kampala, Nairobi, and Dar es Salaam will be closely monitoring whether editorial independence is maintained. Azizi’s political connections in Tanzania and his extensive business interests across the region have already sparked early debate on social media about potential conflicts of interest or shifts in coverage priorities.
AKFED, meanwhile, will continue supporting journalism capacity-building through the Aga Khan University Graduate School of Media and Communications in Nairobi, which has trained thousands of journalists and media leaders across East Africa.
Ultimately, this handover marks the end of one era and the beginning of another. Whether NMG emerges stronger, more innovative, and even more influential under its new majority owner will depend on the choices made in the months and years ahead. For readers across the region who have grown up with Nation Media Group brands, the story is far from over—it is simply entering its next chapter.
