The Aga Khan Fund for Economic Development has agreed to sell its entire shareholding in NPRT Holdings Africa Limited, which holds 54.08% of Nation Media Group PLC, to Taarifa Ltd., a vehicle owned by Tanzanian billionaire Rostam Azizi.
- •The deal ends AKFED's 66-year association with NMG, which began in 1959 when the Aga Khan IV, who died in 2025 and was succeeded by his son Prince Shah Rahim Al-Hussaini, backed the creation of an independent press during the colonial period.
- •The transaction price was not disclosed but based on NMG's closing price of KSh 13.25 on Tuesday, the NPRT block carries an implied market value of approximately KSh 1.23 billion.
- •Azizi, whose interests span several sectors, co-founded Mwananchi Communications Limited in 1999, establishing The Citizen, Mwananchi, and Mwanaspoti newspapers, which NMG later acquired.
Last September, the Capital Markets Authority (CMA) has exempted NPRT Holdings Africa Limited from making a mandatory takeover offer to minority shareholders of Nation Media Group Plc , clearing a key hurdle in AKFED planned internal reorganisation of its majority stake in the media house. Other major holders include Alpine Investments (12.29%), Standard Chartered Nominees (1.47%), and Kenya Commercial Bank Nominees (1.46%).
Completion of the deal is subject to regulatory approvals and expected within three to four months. Taarifa has confirmed it does not contemplate a mandatory or voluntary offer for the remaining NMG shares and does not intend to delist the company from any exchange.
The Buyer
Azizi, born in Igunga, Tanzania, was named Forbes' first Tanzanian dollar billionaire in 2013. He built his fortune through Taifa Group, whose holdings span energy, mining, aviation, and media.
Taifa Gas is East Africa's largest LPG distributor. Taifa Mining and Civils is Tanzania's biggest contract mining operator, with partnerships including De Beers and Barrick Gold.
In 2023, President Ruto commissioned Azizi's USD 130 million (KSh 16.8 billion) Taifa Gas LPG plant at Mombasa's Dongo Kundu Special Economic Zone. He also owns New Habari Limited, a major Tanzanian Swahili media house, and has a controlling stake in Coastal Aviation. He exited Mwananchi in 2006 following an editorial dispute over coverage of Jakaya Kikwete's presidential campaign, for which he served as campaign manager.
The Asset
NMG's net profit peaked at KSh 2.53 billion in 2013 and has fallen every year since, turning to a loss of KSh 205.7 million in 2023 and widening to KSh 254.4 million in 2024. Revenue fell 12.5% in 2024 to KSh 6.2 billion, weighed down by shrinking print circulation and soft advertising.
A June 2024 staff restructuring cost KSh 157.8 million. Digital revenue grew 11% in 2024, reaching 83% digital content delivery, but the NorthStar strategy's target of USD 55 million in digital revenue by 2027 remains a stretch from current levels.
The September 2025 NPRT restructure, which consolidated AKFED's shares into a Kenyan-incorporated subsidiary and secured a CMA mandatory-offer exemption, was the staging move for today's exit. NMG's share price, which traded above KSh 339 in April 2013, closed Tuesday at KSh 13.25.
