Tanzanian Billionaire Buys 54% of Biggest East African Media Group

Nation Media Group, East Africa’s largest independent media company, is undergoing a major ownership transition after Tanzanian billionaire Rostam Azizi agreed to acquire the controlling stake previously held by the Aga Khan Fund for Economic Development (AKFED).

The agreement marks the end of a 66-year relationship between the Aga Khan development network and one of the region’s most influential media institutions, while transferring effective control of the Nairobi-listed group to a private East African investor.

AKFED announced on March 10 that it had agreed to sell its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Azizi. NPRT Holdings currently controls 54.08% of Nation Media Group, representing 92,618,177 ordinary shares. By acquiring the holding company, Azizi effectively becomes the majority shareholder of Nation Media Group.

Financial terms of the transaction were not disclosed. However, based on the closing price of $0.10 per share (3.25 Kenyan shillings) on the Nairobi Securities Exchange, the stake held by NPRT Holdings would be valued at approximately $9.5 million, or about 23 billion Kenyan shillings.

The deal concludes an investment that began in 1959, when Prince Karim Aga Khan IV invested in what later became Nation Media Group during the final years of colonial rule in East Africa. The project was designed to support independent journalism and expand access to news among African audiences.

One of the earliest initiatives was the acquisition of Taifa Leo, a Kiswahili-language newspaper aimed at local readers at a time when most media outlets in the region were controlled by colonial interests. The organization expanded further with the launch of the Daily Nation in March 1960, which rapidly became one of East Africa’s most influential publications.

By the time Kenya gained independence in 1963, the newspaper had established itself as a major regional source of news and political analysis.

Over the following decades, the media group expanded beyond print journalism into television, radio, and digital platforms, building a regional network that now includes more than 30 brands operating across several East African countries.

Company data indicates that the group currently reaches over 62 million digital users and employs more than 1,000 staff. Nation Media Group has also been publicly traded on the Nairobi Securities Exchange since 1973, making it one of the earliest African media companies to list on a stock exchange.

Rostam Azizi is widely considered one of Tanzania’s most prominent business figures, with investments spanning telecommunications, energy, mining, and real estate. In 2013, Forbes identified him as Tanzania’s first dollar billionaire, reflecting the growth of a business empire built across multiple sectors.

Azizi previously held a significant stake in Vodacom Tanzania, which he later sold in transactions worth hundreds of millions of dollars. His portfolio also includes Taifa Gas, one of the largest liquefied petroleum gas suppliers in East Africa.

In 2023, Kenya’s President William Ruto commissioned a Taifa Gas LPG plant at the Dongo Kundu Special Economic Zone in Mombasa, highlighting the company’s expanding regional footprint in energy infrastructure.

Azizi also served in Tanzanian politics, representing the Igunga constituency in parliament between 1994 and 2011, before focusing primarily on business ventures.

Although Azizi is best known for investments in energy and telecommunications, his involvement in media dates back to earlier business activities in Tanzania. According to the announcement, the new ownership will focus on strengthening the company’s growth as media consumption shifts toward digital platforms.

Azizi said he intends to maintain the organization’s editorial traditions while investing in its future development. “We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” he said.

He added that the company remains central to the region’s media landscape. “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.”

AKFED also emphasized the historical significance of its investment in the media group. Director Sultan Allana said the development organization had helped build one of Africa’s most respected journalism institutions and expressed confidence that the company would continue to maintain its commitment to public-interest journalism.

Further details regarding regulatory approvals or the timeline for completing the ownership transition were not disclosed.