The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its entire stake in Nation Media Group (NMG), ending a 66-year partnership that began in 1959 and helped shape one of East Africa’s most influential media institutions.
The stake, held through NPRT Holdings Africa Limited and representing 54.08 percent of NMG, will be acquired by Taarifa Ltd, a firm owned by Tanzanian businessman Rostam Azizi.
The deal, announced Tuesday in Geneva, marks the conclusion of AKFED’s long-standing association with the regional media group.
According to AKFED, the transaction will allow NMG to pursue further investment in digital transformation while maintaining its tradition of public interest journalism.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said AKFED Director Sultan Allana. “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.”
Founded on the belief that a free and independent press is essential to democratic societies, NMG traces its origins to 1959 when Aga Khan IV established East African Newspapers (Nation Series) Ltd and acquired the Kiswahili weekly Taifa Leo.
The newspaper was intended to create a genuinely independent press and amplify African voices during the colonial era.
The first issue of the Daily Nation was published on March 20, 1960, just three years before Kenya gained independence. Since then, the company has grown into a multi-platform media conglomerate with more than 30 brands operating across four countries and reaching more than 62 million digital users.
Over the decades, NMG expanded its footprint through several milestones, including listing on the Nairobi Securities Exchange in 1973 and launching NTV Kenya in 1999 as part of its entry into broadcast media.
The group also broadened its regional presence through the acquisition of Uganda’s Daily Monitor and the establishment of Mwananchi Communications Limited in Tanzania.
AKFED said the group had maintained responsible reporting even during difficult political and regulatory periods, contributing to Kenya’s democratic development through coverage of key milestones such as the country’s multiparty transition in the 1990s and civic education during the 2010 constitutional referendum.
Taarifa Ltd’s owner Azizi said the company intends to build on that legacy while investing in the future of the media house.
“We are honored and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said. “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.”
Despite exiting its shareholding, AKFED said the Aga Khan Development Network will continue supporting media development through the Aga Khan University Graduate School of Media and Communications, which trains journalists and media professionals across the region.
