Tanzanian businessman and former politician Rostam Aziz has agreed to acquire a controlling stake in Nation Media Group (NMG), marking one of the most significant ownership changes in East Africa’s media industry in decades.
The acquisition will be executed through Aziz’s company, Taarifa Ltd, which will purchase the entire shareholding held by the Aga Khan Fund for Economic Development (AKFED) in NPRT Holdings Africa Limited. The holding company owns 26,818,177 shares in NMG, representing 54.08% of the Nairobi-listed media group’s issued share capital.
Financial terms of the deal have not been disclosed. However, NMG shares were trading between KES 13.60 and KES 14.00 on the Nairobi Securities Exchange as of March 11, 2026, with a 52-week range of KES 10.05 to KES 15.95.
The transaction will end AKFED’s 66-year association with the regional media house, which began in 1959 when Aga Khan IV founded the organisation to support the development of an independent press in Kenya during the final years of colonial rule. The media group began with the Kiswahili-language newspaper Taifa Leo and later expanded into one of Africa’s most influential media organisations.
Today, NMG operates more than 30 media brands across East Africa, including Daily Monitor, NTV Uganda and KFM in Uganda, reaching over 62 million digital users and employing more than 1,000 professionals across the region.
In a joint statement, AKFED and Taarifa said the ownership change would help accelerate the group’s next phase of growth, particularly in digital media.
“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,” the statement said.
The transaction is expected to close within three to four months, subject to regulatory approvals across the region.
Taarifa said it does not intend to acquire the remaining shares in the company or delist it from regional exchanges. NMG shares are cross-listed on the Nairobi Securities Exchange, the Uganda Securities Exchange, the Dar es Salaam Stock Exchange and the Rwanda Stock Exchange.
The deal will be structured through the acquisition of NPRT Holdings Africa rather than a direct purchase of shares in NMG, although it will still give Taarifa effective control of the regional media conglomerate.
Under takeover regulations in several East African markets, investors who gain control of a listed company are typically required to make a mandatory offer to minority shareholders. Taarifa has applied for exemptions from regulators in Kenya, Tanzania and Uganda, arguing that the transaction involves the purchase of a holding company rather than the listed entity itself.
Aziz, one of East Africa’s most prominent entrepreneurs, has business interests spanning media, mining, telecommunications, agriculture, real estate, energy and port infrastructure. He previously co-founded Mwananchi Communications Limited in Tanzania, which publishes The Citizen, Mwananchi and Mwanaspoti newspapers, before the company was later acquired by Nation Media Group.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Aziz 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.”
NMG Chief Executive Officer Geoffrey Odundo said the company’s operations would continue uninterrupted during the transition.
“Our work will continue with the same focus and responsibility that have defined the Nation for decades,” he said.
However, the proposed acquisition has sparked debate among journalists and media observers about the future of editorial independence at the regional media powerhouse.
Journalist Larry Madowo, a former NMG employee and international correspondent, said the development raises questions given Tanzania’s record on press freedom and the political connections of the incoming majority shareholder.
“Tanzania doesn’t have a great history of media freedom. I hope I’m proven wrong by Aziz’s commitment to keeping NMG independent despite his various business interests in the region,” Madowo wrote on social media.
The deal effectively transfers majority control of one of East Africa’s largest independent media organisations to a private investor, signalling a new era for the Nairobi-listed publisher as it seeks to expand digital operations and adapt to the rapidly evolving regional media market.