Tanzanian tycoon Rostam Azizi acquires Nation Media Group from Aga Khan

Tanzanian businessman Rostam Azizi is set to acquire control of East Africa’s largest independent media house, Nation Media Group (NMG), following an agreement with the Aga Khan Fund for Economic Development to purchase its entire stake in the company.

Nation Media Group is the parent company of Ugandan outlets such as NTV Uganda and Daily Monitor. The company operates a wide array of print, broadcast, and digital outlets across Kenya, Uganda, Tanzania, and Rwanda

In a statement released on Tuesday, AKFED confirmed that it had agreed to sell its full shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a firm owned by Azizi. NPRT currently holds a controlling 54.08 per cent stake in Nation Media Group.

The deal will bring to an end AKFED’s 66-year association with the media house, a relationship that dates back to 1959. During that period, NMG grew from a small newspaper operation into a leading multimedia organisation with operations across East Africa.

In a joint statement, AKFED and Taarifa Ltd said the acquisition would support the group’s continued transformation in a rapidly evolving media environment. “NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth,” the statement said.

The transaction is expected to be completed within three to four months, subject to regulatory approvals across the region.

Taarifa Ltd also confirmed that it does not intend to acquire the remaining publicly held shares or delist the company from regional bourses. Nation Media Group will therefore remain listed on the Nairobi, Uganda, Dar es Salaam and Rwanda securities exchanges.

NMG was founded by Aga Khan IV with the aim of fostering a free and independent press in Kenya. The company began with a modest Kiswahili-language newspaper, Taifa Leo, which laid the foundation for what has since become one of the most influential media groups in the region.

Azizi, one of Tanzania’s most prominent entrepreneurs, has extensive interests spanning media, mining, telecommunications, agriculture, real estate, port facilities, energy and construction.

His entry into the ownership of Nation Media Group is expected to mark a significant new chapter for the organisation as it navigates the digital age while maintaining its long-standing commitment to public-interest journalism.