TANZANIAN TYCOON BUYS THE NATION MEDIA

Tanzanian billionaire Rostam Aziz is set to become the majority owner of Nation Media Group after the Aga Khan Fund for Economic Development agreed to sell its controlling stake in the East African media giant, ending a 66-year ownership that began in 1959.

The agreement will see AKFED transfer its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a firm owned by Aziz. NPRT currently holds 92,618,177 ordinary shares in Nation Media Group — representing a 54.08 per cent stake — effectively handing the Tanzanian businessman control of the region’s largest independent media house once the transaction is completed.

The acquisition is expected to be finalised within three to four months, pending regulatory approvals from authorities including the Capital Markets Authority, the Nairobi Securities Exchange, and the Communications Authority of Kenya.

According to the announcement, Taarifa Ltd does not intend to launch a takeover bid for the remaining shares held by other investors. The company has also indicated that it has no plans to delist Nation Media Group from the stock exchanges where it currently trades — the Nairobi Securities Exchange, Uganda Securities Exchange, Rwanda Stock Exchange, and Dar es Salaam Stock Exchange.

Officials involved in the transaction have also indicated that no major changes are expected in the company’s governance or operations once the deal is completed.

AKFED described the sale as the conclusion of a long chapter in the development institution’s history with one of Africa’s most respected media organisations.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said Sultan Ali 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.”

Despite stepping away from ownership, the broader Aga Khan Development Network says it will continue supporting journalism in the region through the Aga Khan University Graduate School of Media and Communications, which has trained journalists and media professionals across East Africa since its launch in 2015.

Aziz is one of East Africa’s most influential businessmen, with investments spanning telecommunications, energy, mining, agriculture, real estate, construction, and port infrastructure. His business profile rose sharply in 2013 when he was reported to have become Tanzania’s first dollar billionaire.He also the founder of Taifa Gas - one of the largest Liquefied Petroleum Gas (LPG) supplying companies in East Africa.

He has also previously been involved in the media industry. Between 2000 and 2006, Aziz was a co-founder and shareholder of Mwananchi Communications Limited, where he helped establish the newspapers Mwananchi, The Citizen, and Mwanaspoti. The titles were later acquired by Nation Media Group as the company expanded its regional presence.
Today, Aziz also maintains interests in Habari Corporation, another Tanzanian media company.

Speaking after the agreement, Aziz emphasised that the new ownership would maintain the editorial independence of the organisation while supporting its future growth.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” he 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.”

Nation Media dates back to 1959 when Aga Khan IV established East African Newspapers (Nation Series) Ltd with the aim of creating a strong and independent African voice in journalism during the final years of colonial rule.

Over the decades, the company expanded from print into broadcasting and digital platforms, building a portfolio that includes titles such as Business Daily, The EastAfrican, Daily Monitor, and television outlets such as NTV Kenya and NTV Uganda.

The company listed on the Nairobi Securities Exchange in 1973 and today operates more than 30 media brands across Kenya, Uganda, Tanzania and Rwanda. Its digital platforms alone attracted more than 62 million users in 2024.

The transfer of majority ownership of Nation Media Group is widely seen as one of the most significant media ownership changes in East Africa in decades.
Beyond the business implications, the development highlights broader trends in the region’s media industry — including declining print revenues, increasing competition from global digital platforms, and the consolidation of media ownership among powerful investors.

Aziz’s entry into the company, combined with his promise to invest in digital growth, is expected to accelerate the media house’s transformation as it seeks to remain competitive in a rapidly evolving information landscape.

At the same time, observers across the region will be closely watching how the new ownership balances business expansion with the long-standing tradition of editorial independence that has defined Nation Media Group for more than sixty years.