DEAL! Aga Khan Sells Nation Media Group – Owner of Daily Monitor and NTV

Aga Khan Fund for Economic Development S.A. (Akfed) has agreed to sell Nation Media Group PLC (NMG).

An agreement has already been reached to sell Aga Khan’s 100 per cent shareholding in Nation Media Group.

The buyer is Taarifa Ltd, a company owned by Rostam Azizi.

A well known Tanzanian businessman, Rostam Azizi’s business interests are in the areas of telecommunications, media, mining, real estate, agriculture and energy.

Akfed will now sell all of its shareholding in NPRT Holdings Africa Limited — which holds 50.48 per cent shares in NMG — to Taarifa Limited.

AKFED has been associated with Nation Media Group since 1959. The deal to sell NMG to Taarifa Limited ends an ownership that has lasted 66 years.

Akfed and Taarifa Ltd have issued a joint statement, indicating that the deal will expand the media group.

“NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism,” the joint statement read in part.

Below is a statement on the sale of NMG shares:

Aga Khan Fund for Economic Development Announces Sale of Shareholding in Nation Media Group Concluding More Than Six Decades of Partnership

The Aga Khan Fund for Economic Development S.A. (AKFED) today announced that it has entered into an agreement to sell its 100% shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd. NPRT holds a 54.08% shareholding in Nation Media Group PLC (NMG), comprising 92,618,177 ordinary shares.

The transaction marks the conclusion of AKFED’s 66-year association with NMG, which began in 1959. NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd is committed to supporting this transition and accelerating NMG’s digital growth, enabling the group to strengthen its connection with customers and build on its long-standing tradition of public interest journalism.

A Legacy of Independent Journalism and A Vision Realised

NMG was founded on the conviction that a free, independent press is indispensable to democratic society. What began as a modest Kiswahili-language newspaper called Taifa Leo – purchased to create a genuinely independent press and give voice to the African majority during the colonial period – has grown over more than six decades into a multi-platform media conglomerate of over 30 brands, spanning four countries, reaching over 62 million digital users, and employing more than one thousand professionals across the region.

The first issue of the Daily Nation was published on 20 March 1960 and, when Kenya achieved independence in December 1963, the newspaper was already established as a credible and trusted source of news and analysis. NMG was among the first media companies in Africa to list on a securities exchange, with its shares trading on the Nairobi Stock Exchange since 1973. Throughout its history, NMG has demonstrated an unwavering commitment to editorial independence. It has maintained responsible reporting even during challenging political and regulatory periods. The group has played a pivotal role in Kenya’s democratic development, including its coverage of the multiparty transition in the 1990s and its contribution to public education during the 2010 constitutional referendum. AKFED built one of the region’s most influential media groups.

At pivotal moments, NMG has served as a cornerstone of society, providing a platform for voices that might otherwise go unheard. “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.”

Key milestones in NMG’s history:

• 1959: His Highness Prince Karim Aga Khan IV founds East African Newspapers (Nation Series) Ltd and acquires the Kiswahili weekly Taifa Leo
• 1960: Launch of the Sunday Nation and Daily Nation
• 1973: NMG lists on the Nairobi Stock Exchange (now the Nairobi Securities Exchange)
• 1994: Launch of The EastAfrican, hailed as one of sub-Saharan Africa’s finest newspapers
• 1999: Launch of NTV Kenya and Easy FM l, marking NMG’s entry into broadcast media
• 2002–2005: Regional expansion through acquisition of Daily Monitor (Uganda) and establishment of Mwananchi Communications (Tanzania)
• 2006: NMG is among the first African media companies to establish a comprehensive online presence in response to the digital revolution
• 2009: Newspapers in Education programme launched, bringing literacy and civic awareness to marginalised schools
• 2016: Aga Khan IV inaugurates a USD 20 million state-of-the-art printing press, then the largest media investment in the history of East and Central Africa
• 2024: Digital audience exceeds 62 million users.

A Future of Investing in Media Education

The Aga Khan Development Network will maintain its important work to advance journalistic excellence through the Aga Khan University’s Graduate School of Media and Communications (GSMC), equipping future generations of journalists with the skills, integrity, and critical thinking essential to a free press. Launched in 2015, GSMC is the premier source of education and tailored training for journalists, communicators and media executives and entrepreneurs in East Africa and beyond. GSMC currently offers three degree programmes – a Master of Arts in Digital Journalism, an Executive Masters in Media Leadership and Innovation, and a Master of Arts in Strategic Communications

– as well as a suite of Executive Education and Professional Development courses, drawing faculty from some of the world’s leading media organisations. Over the last decade, the school has graduated more than 200 postgraduate professionals and educated more than 7,000 practitioners across the region in digital strategy, newsroom leadership and gender-responsive reporting. Its environmental journalism initiative has produced 52 documentaries reaching millions of viewers, and over 100 public forums and masterclasses have convened global experts and policymakers on the sector’s most pressing challenges.

About the Purchaser

Taarifa Ltd is owned by Mr. Rostam Azizi, an East African businessman, entrepreneur and economist with experience across multiple sectors including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction. With significant experience in East African media, Mr. Azizi was a co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he initiated the establishment of Mwananchi, The Citizen, and Mwanaspoti newspapers, which were subsequently acquired by NMG. He currently holds interests in Habari Corporation, a media house in Tanzania.

“We are honored and deeply committed to becoming the majority shareholder of Nation Media Group,” said Mr. Azizi. “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.”

Transaction Details and Regulatory Approvals

Completion of the transaction is subject to obtaining regulatory approvals. The transaction is expected to complete within three to four months, subject to satisfaction of all regulatory conditions.

Continuity and Stability

Taarifa Ltd has confirmed that it does not currently contemplate a mandatory or voluntary offer for the remaining NMG shares or delisting on any securities exchange. NMG shares will continue to trade on the Nairobi Securities Exchange and its cross-listed exchanges. Taarifa Ltd is committed to working constructively with the NMG Board, which will continue to oversee and guide the operations of the company.

Forward-Looking Statements

… Completion of the transaction remains subject to satisfaction of regulatory and other conditions, and there can be no assurance that these conditions will be satisfied or that the transaction will be completed on the terms described or at all.

In Uganda, President Museveni has over the years blasted “evil” Daily Monitor and NTV Uganda, with the elderly head of state once seeking to make the two media outlets bankrupt through a law suit, as reported Here, There and Over There.