The Aga Khan Fund for Economic Development (AKFED) has announced that it will sell its controlling stake in Nation Media Group (NMG), marking the end of a partnership that has lasted more than six decades.
In a statement on Tuesday, March 10, AKFED said it has agreed to sell its 100 percent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd.
NPRT currently holds a 54.08 percent stake in Nation Media Group, representing 92,618,177 ordinary shares.
The transaction will transfer majority ownership of the media house to the new investor, pending regulatory approvals.
AKFED Director Sultan Allana expressed pride in the role the development institution has played in building the media house over the decades.
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"AKFED is proud of its contribution to building one of Africa’s most respected media institutions. 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," he said.
The buyer, Taarifa Ltd, is owned by East African businessman Rostam Azizi, who has experience across several sectors including media, telecommunications, mining, agriculture, and construction.
Azizi also previously co-founded Mwananchi Communications Limited, which launched publications such as Mwananchi, The Citizen, and Mwanaspoti in Tanzania before they were later acquired by Nation Media Group.
Azizi said the new ownership intends to preserve the editorial independence of the media organisation while supporting its growth and digital evolution.
"We are honored and deeply committed to becoming the majority shareholder of Nation Media Group. 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," he said.
Notably, the deal concludes AKFED’s association with Nation Media Group that began in 1959, when the late Prince Karim Aga Khan IV established East African Newspapers (Nation Series) Ltd and acquired the Kiswahili weekly Taifa Leo.
Over the decades, the organisation grew into a regional media conglomerate operating across Kenya, Tanzania, Uganda, and Rwanda.
Presently, Nation Media Group runs more than 30 media brands, including newspapers, broadcast stations, and digital platforms reaching more than 62 million users across East and Central Africa.
The company has also been listed on the Nairobi Securities Exchange since 1973.
This comes weeks after Nation Media Group announced its decision to shut down the Mombasa Bureau.
In an internal circular dated Friday, February 20, NMG Group Managing Director George Odundo revealed that the offices will be closed in March 2026.
Odundo, however, clarified that the staff at the bureau still had their jobs, but would be working from home.
"In March 2026, we will transition the Mombasa bureau to a fully remote working model and relinquish the physical office space, with remaining bureaus reviewed as leases come up for renewal," the circular read in part.
The decision was reached following a meeting with the Editor-in-Chief and the Mombasa team.
Odundo assured residents that the move did not mean that the media house had withdrawn its regional journalism in the coast region.
"These steps, therefore, form part of a broader effort to ensure long-term sustainability while protecting our core investment in journalism and digital growth," he explained.
The new development is part of the company's transformation journey under its North Star Strategy to become a digital-first, audience-driven media house.
Additionally, the realignments were undertaken to better align with the company's cost structure and infrastructure with its digital ambition.
"We are building a more resilient Nation Media Group that is equipped to thrive in a digital-first world," Odundo wrote.
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