The sale represents not just a financial transaction, but a strategic move towards accelerating NMG’s digital growth. Both AKFED and Taarifa Ltd emphasized the importance of this transition in ensuring NMG’s ongoing relevance and its ability to engage with a tech-savvy audience in an increasingly digital world.
In a significant shift for the media landscape in East Africa, the Aga Khan Fund for Economic Development S.A. (AKFED) has announced the sale of its entire shareholding in Nation Media Group PLC (NMG) to Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi.
This marks the end of a 66-year association between AKFED and NMG, which was founded in 1959 with the vision of providing a free, independent press to promote democratic values in Kenya.
NMG, a leading media conglomerate in East Africa, has long been a symbol of journalistic excellence and public-interest reporting, with a vast array of television and print platforms such as NTV, The Daily Monitor, and The EastAfrican. The transaction involves Taarifa Ltd acquiring NPRT Holdings Africa Limited (NPRT), which holds a controlling 54.08% stake in NMG.
Azizi, who is renowned for his diverse business ventures spanning media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction, now holds the reins of one of the region’s most influential media houses.
His business acumen, coupled with Taarifa Ltd’s commitment to advancing NMG’s digital transformation, positions the group for an exciting future in the rapidly evolving media industry.
The sale represents not just a financial transaction, but a strategic move towards accelerating NMG’s digital growth. Both AKFED and Taarifa Ltd emphasized the importance of this transition in ensuring NMG’s ongoing relevance and its ability to engage with a tech-savvy audience in an increasingly digital world.
The deal is expected to conclude in the next few months, pending regulatory approvals. However, Azizi has confirmed that Taarifa Ltd does not intend to buy out the remaining shares of NMG or delist the company from its multiple securities exchanges, including the Nairobi Securities Exchange, Uganda Securities Exchange, Dar es Salaam Stock Exchange, and Rwanda Stock Exchange.
As NMG looks to broaden its digital footprint, it remains committed to its founding principles of public-interest journalism, ensuring that the people of East Africa continue to have access to independent, credible, and timely information.
This momentous transaction marks the end of an era but also signals the beginning of a promising new chapter for NMG under Taarifa Ltd’s ownership. With Azizi’s extensive business portfolio and resources, the future of East African media may be poised for an exciting digital revolution.
Over 300 Students Suspended Following Destructive School Strike
