East African businessman Rostam Azizi, through his company Taarifa Ltd, has acquired all shares previously held by the Aga Khan Fund for Economic Development (AKFED) in NPRT Holdings Africa Limited, becoming the largest shareholder of Nation Media Group (NMG).
The acquisition marks the end of a 66-year partnership between AKFED and NMG, which began in 1959, and underscores a new chapter in the growth of one of East Africa’s most respected media houses.
Under the agreement, Taarifa Ltd will purchase 92,618,177 ordinary shares owned by NPRT in NMG. The transaction is expected to take three to four months to finalize, pending regulatory approvals from the relevant authorities.
NPRT Holdings Africa Limited currently owns 54.08 percent of NMG, equivalent to the shares being acquired. NMG operates in Kenya, Tanzania, Uganda, and Rwanda, and is recognized as one of the region’s largest and most influential media companies.
AKFED Director Sultan Allana praised the fund’s legacy, saying it is proud to have contributed to building NMG into a leading, credible media institution.
Rostam Azizi described the acquisition as a significant honor, committing to uphold editorial independence while investing in digital transformation to enhance NMG’s competitiveness in the evolving media landscape.
“NMG is a cornerstone of East African journalism. We will protect its editorial freedom and invest strategically to strengthen its position as a leading independent media organization,” said Rostam.
Rostam brings broad experience across mining, communications, agriculture, energy, construction, and media.
He was also a founding shareholder of Mwananchi Communications Limited (MCL) from 2000 to 2006, which launched Mwananchi, The Citizen, and Mwanaspoti newspapers, later acquired by NMG.
Taarifa Ltd confirmed it has no plans to buy remaining shares or to delist NMG. The company’s shares will continue trading on the Nairobi Securities Exchange, as well as the Dar es Salaam, Uganda, and Rwanda stock exchanges.
The statement added that the Aga Khan development network will continue supporting journalism education through Aga Khan University, particularly the Graduate School of Media and Communications.
The acquisition is expected to be completed once regulatory approvals from relevant authorities are obtained.
