Tanzanian Ruto Ally Rostam Azizi Buys Nation Media Group

Tanzanian businessman and ally of President William Ruto, Rostam Azizi, is set to become the majority shareholder of Nation Media Group (NMG) after an agreement was reached to acquire the controlling stake currently held by the Aga Khan Fund for Economic Development (AKFED).

In a statement issued Tuesday, AKFED announced it had agreed to sell its 100 per cent shareholding in NPRT Holdings Africa Limited, which holds 54.08 per cent of Nation Media Group, to Taarifa Ltd, a company owned by Azizi.

The transaction marks the end of AKFED’s 66-year association with the region’s largest independent media house, which began in 1959 when the late Aga Khan IV established the foundation for what would grow into a major East African media network.

AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.

“AKFED is proud of its contribution to building one of Africa’s most respected media institutions. We are confident Nation Media Group will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades,” Allana said.

Azizi said his firm would support NMG’s next phase of growth, particularly its ongoing digital transformation.

“Nation Media Group is an institution of profound importance to East Africa. We will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation,” Azizi said.

Azizi is one of East Africa’s most influential businessmen with investments spanning media, energy, mining, telecommunications and logistics.

He is also associated with Taifa Gas, a regional liquefied petroleum gas distributor that is establishing a major base at the Dongo Kundu Special Economic Zone in Mombasa.

Nation Media Group operates some of the region’s most prominent news outlets, including the Daily Nation, Sunday Nation, The EastAfrican, Uganda’s Daily Monitor, and Tanzania’s Mwananchi and The Citizen. The company also runs broadcast platforms such as NTV Kenya and Nation FM.

Founded in 1960 with the launch of the Daily Nation, the media house has grown into a multi-platform organisation with more than 30 brands across East Africa and a digital audience exceeding 62 million users.

The deal remains subject to regulatory approvals and is expected to be completed within three to four months.

NMG shares will continue trading on the Nairobi Securities Exchange and other regional bourses once the transaction is finalised.