By Spy Uganda
Tanzanian businessman and former politician Rostam Azizi has become the new majority shareholder of Nation Media Group after acquiring the entire 54.08 (100%) percent stake previously held by the Aga Khan Fund for Economic Development (AKFED).
The transaction, announced on Tuesday, marks the end of a historic 66-year ownership era in which the Aga Khan Development Network played a central role in building Nation Media Group into one of East and Central Africa’s most influential media organizations.
Although the value of the transaction has not been disclosed, analysts say the acquisition represents one of the most significant media ownership shifts in East Africa in decades.
According to a statement released in Geneva by AKFED, the organization has agreed to sell its 100 percent shareholding in NPRT Holdings Africa Limited, which in turn holds 54.08 percent of Nation Media Group PLC, equivalent to 92,618,177 ordinary shares.
The buyer is Taarrifa Ltd, a company owned by Rostam Azizi, who has extensive experience in the regional media sector.
AKFED’s partnership with Nation Media Group dates back to 1959, when the media house was founded with a mission to promote independent journalism and provide a strong voice for African communities during the colonial era.
Over the decades, the group grew from a modest Kiswahili newspaper known as Taifa Leo into a regional media powerhouse with more than 30 brands operating across Kenya, Uganda, Tanzania and Rwanda.
Today, Nation Media Group reaches over 62 million digital users and employs more than 1,000 media professionals across East Africa.
AKFED officials described the decision to exit as the conclusion of a long and successful chapter in the group’s history.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said Sultan Allana, a director at AKFED. “We are confident Nation Media Group will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades.”
The proposed buyer, Rostam Azizi, is a prominent East African investor known for his business interests across several sectors including telecommunications, energy and infrastructure.
Azizi also has prior experience in the media sector. He previously served as a co-founder and shareholder of Mwanchi Communications Limited in Tanzania, the publisher behind several major media brands.
Through Taarrifa Ltd, Azizi’s acquisition positions him at the helm of one of Africa’s most powerful media networks.
Industry observers believe the move could reshape the regional media landscape, particularly as traditional media organizations accelerate digital transformation and cross-border expansion.
The acquisition will still require regulatory approvals across multiple jurisdictions where Nation Media Group operates, including Kenya, Uganda, Tanzania, and Rwanda.
According to internal communication from Nation Media Group’s management, the approval process is expected to take between three and four months before the transaction can be finalized.
In a message to staff across the region, Geoffrey Odundo, Managing Director and Group CEO of Nation Media Group, acknowledged the historic transition but reassured employees that the organization’s editorial mission remains unchanged.
“For more than six decades, the Aga Khan Fund for Economic Development has been the majority shareholder of Nation Media Group and has played a defining role in building one of East and Central Africa’s most respected independent media institutions,” Odundo said.
He added that the company’s leadership and editorial teams will continue operating with the same commitment to credible journalism, public interest reporting and professional independence.
“During this transition, our work will continue with the same focus and responsibility that have defined the Nation for decades,” he noted.
Nation Media Group’s history is closely tied to the political and democratic development of East Africa.
The first issue of its flagship newspaper, the Daily Nation, was published on March 20, 1960, just three years before Kenya gained independence.
Over time, the company expanded into television, radio and digital platforms, becoming one of the first media houses in Africa to list on a stock exchange when it joined the Nairobi Securities Exchange in 1973.
The group has also been credited with playing a major role in Kenya’s democratic evolution, particularly through its coverage of the multiparty political transition of the 1990s and the 2010 constitutional referendum.
Azizi’s acquisition now signals the beginning of a new chapter for the media conglomerate.
While details of the strategic direction under the new ownership remain limited, AKFED indicated that the new investor intends to support digital growth, regional expansion and deeper audience engagement.
The deal also reflects a broader shift in Africa’s media sector, where ownership structures are evolving amid rapid technological transformation and growing competition from digital platforms.
For East Africa, the transaction stands out as a rare and significant ownership transfer involving one of the region’s most influential media institutions.
As the regulatory process unfolds, industry watchers say the deal could reshape the future of media investment and influence across the region.
