Tanzanian billionaire Rostam Azizi, through his company Taarifa Ltd, is set to acquire a controlling stake in Nation Media Group (NMG), East Africa’s largest independent media company, ending the Aga Khan Fund for Economic Development’s (AKFED) 66-year ownership. The acquisition involves Taarifa Ltd, an affiliate of Azizi’s Taifa Group, purchasing NPRT Holdings Africa Limited, which holds 54.08% of NMG roughly 92.6 million shares. Based on Tuesday’s closing price of $0.10 per share, the stake is valued at approximately $9.5 million (23 billion KES). The deal is subject to regulatory approvals

Tanzanian billionaire Rostam Azizi, through his company Taarifa Ltd, is set to acquire a controlling stake in Nation Media Group (NMG), East Africa’s largest independent media company, ending the Aga Khan Fund for Economic Development’s (AKFED) 66-year ownership.

The acquisition involves Taarifa Ltd, an affiliate of Azizi’s Taifa Group, purchasing NPRT Holdings Africa Limited, which holds 54.08% of NMG roughly 92.6 million shares. Based on Tuesday’s closing price of $0.10 per share, the stake is valued at approximately $9.5 million (23 billion KES). The deal is subject to regulatory approvals in Kenya, Tanzania, and Uganda, with the transaction expected to close in three to four months.

Founded in 1959 with support from Prince Karim Aga Khan IV, NMG began by acquiring Taifa Leo and launching the Daily Nation in 1960. The group has since expanded into television, radio, and digital media, building a network of more than 30 brands, reaching over 62 million digital users, and employing 1,000+ people. NMG has been listed on the Nairobi Securities Exchange since 1973.

Tanzanian businessman, Azizi Rostam

Rostam Azizi, Tanzania’s first dollar billionaire according to Forbes (2013), has investments across telecommunications, energy, mining, and real estate. Between 2000 and 2006, he co-founded Mwananchi Communications, launching Mwananchi, The Citizen, and Mwanaspoti newspapers, all later acquired by NMG. Azizi also served as Member of Parliament for Igunga, Tanzania, from 1994 to 2011, and founded Taifa Gas, one of East Africa’s largest LPG suppliers.

At a March 11 media briefing, Azizi said that Taarifa Ltd was honoured to become Nation Media Group’s majority shareholder and that the company is committed to upholding editorial independence while investing in digital growth.

AKFED said the sale follows a strategic review to focus on its core sectors: financial services, industrials, infrastructure, and hospitality, with NMG being its only global media investment.

Analysts have noted that the acquisition raises questions about press freedom, given Tanzania’s record on media independence, though Azizi’s track record with NMG-affiliated publications may mitigate some concerns.

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