Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi, has entered into an agreement with the Aga Khan Fund for Economic Development (AKFED) to buy its 54% controlling stake in Nation Media Group, according to Business Daily.
The newspaper, part of the Nairobi-based publications owned by NMG, said the transaction marks the conclusion of AKFED’s 66-year association with NMG, which began in 1959.
“Mr Azizi has vast business interests across multiple sectors, including media, mining, telecommunications, agriculture, real estate, port facilities, energy and construction,” Business Daily reported.
Citing a statement released on March 10, the paper said NMG was aiming 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,” Business Daily quoted AKFED and Taarifa Ltd as saying in the joint statement.
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The deal, subject to obtaining regulatory approvals, is expected to conclude within three to four months. It is not clear how much Taarifa is paying to acquire NMG.
According to Business Daily, Taarifa Ltd is not planning to buy out the remaining NMG shares or to delist on any of the other three securities exchanges where it is cross-listed.
NMG shares are listed on the Nairobi Securities Exchange as well as the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Stock Exchange.
In Uganda, NMG owns Monitor Publications Limited, which publishes the Daily Monitor and Weekend Vision (formerly Sunday Monitor). The company also owns NTV, Spark TV, KFM, Ddembe FM, Ennyanda, among others.
Its Kenyan outlets include Daily Nation, Sunday Nation, Taifa Leo (the very first newspaper the company started with), The EastAfrican, NTV, QTV, Easy FM, etc.
In Tanzania, NMG’s Mwananchi Communications Limited publishes three dailies: Mwananchi, Mwanaspoti and the Citizen.
NMG has also extended editorial operations to Rwanda, publishing a weekly section in The EastAfrican called Rwanda Today.
Sultan Allana, the AKFED director, said the sale would not affect the editorial independence of NMG’s news outlets.
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“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” he said, according to Business Daily.
“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.”
The Tanzanian owner is a renowned entrepreneur and economist with vast business interests across East Africa.
“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.”
Geoffrey Odundo, the current NMG CEO, said operations would not be affected during the ownership transition period, according to Business Daily.
CORRECTION | Updated March 11, 2026, 16:24: An earlier version of this article said Taarifa was buying 100% shareholding in NMG. It is buying 54% of NMG’s controlling stake.
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