The Aga Khan Development Network is relinquishing its controlling interest in Nation Media Group, formally ending a 66‑year association as the Swiss‑based development investor pivots capital towards sectors it regards as higher growth and more directly measurable in development terms.
Under an agreement announced in March, Taarifa Ltd, a vehicle owned by Tanzanian businessman Rostam Azizi, will acquire the 54.08 percent stake in the Nairobi‑listed media house held by NPRT Holdings Africa Limited. According to Billionaires.africa the deal is valued at roughly 1.23 billion Kenyan shillings based on the group’s closing share price; other reports note the transaction was signed at Nairobi’s Serena Hotel. Completion remains subject to regulatory approvals and is expected within months.
The move closes a chapter that began in 1959 when Prince Karim Aga Khan IV founded East African Newspapers, the forerunner of Nation Media Group, which grew into the region’s largest independent news conglomerate with print, broadcast and digital operations across Kenya, Uganda and Tanzania. Under AKFED stewardship the group launched flagship titles, expanded into broadcasting and early online publishing, and invested in a modern press facility in 2016.
AKFED framed the sale as a reallocation of resources to businesses that can more readily deliver employment, infrastructure and financial services at scale. According to the lead reporting and company commentary, the fund sees opportunities to redeploy capital into finance, industry, infrastructure and tourism , areas where returns and socioeconomic impact are easier to quantify. The Aga Khan Fund’s portfolio already includes banking interests such as Diamond Trust Bank in East Africa, stakes in Habib Bank Limited and Development Credit Bank abroad, microfinance operations and insurance through Jubilee Holdings, as well as energy and telecom assets including hydropower plants, gas‑fired generation and SEACOM’s submarine fibre networks.
The decision also reflects the broader commercial pressures confronting legacy media. Nation Media Group reported its second straight annual loss for the year ended 31 December 2024, with a after‑tax deficit and a fall in turnover and gross profit, even as its digital audience expanded. Industry observers say declining print and broadcast advertising, audience fragmentation and the dominance of global digital platforms have squeezed traditional publishers across the continent and worldwide.
Markets reacted positively to the change of control. Shares in Nation Media Group rallied more than 28 percent across two trading sessions after the sale was disclosed, touching Ksh17 and lifting the company’s market capitalisation to roughly Ksh3.24 billion, with heightened trading volumes as investors positioned for a new strategy under Azizi’s stewardship.
Azizi, who has a track record in East African media including co‑founding Mwananchi Communications and interests in Tanzania’s Habari Corporation, told reporters he intends to back digital expansion and new revenue lines while preserving editorial independence. “Our intention is to increase investment so that we can be more profitable. There will be more jobs created as we go forward because we need to transform and cater for every Kenyan in order for this to be a successful partnership,” Mr Aziz said at a briefing.
AKFED emphasised its ongoing commitment to journalism training and media capacity building through institutions such as the Aga Khan University Graduate School of Media and Communications, which it says has trained thousands of media professionals since 2015. “AKFED is proud of its contribution to building one of Africa’s most respected media institutions. We are confident NMG will continue to uphold the values of independent journalism and service to the public that have defined it for over six decades,” said Sultan Ali Allana, Director of AKFED.
For Azizi the acquisition offers a platform to accelerate digital transformation and integrate the group into broader commercial interests. Reports also highlight his involvement in large infrastructure projects such as the Taifa Gas LPG storage and distribution facility near Mombasa, indicating a diversified industrial footprint beyond media.
Analysts caution that reviving profitability will require significant investment in digital products, audience monetisation and cost transformation, while balancing the editorial standards that underpin the group’s reputation. Investors appear to be betting that new ownership can stabilise earnings and complete the shift to a digital‑first business model.
The transfer of ownership marks both an end and a new beginning for one of East Africa’s most influential media institutions: a steward of public information handed to a regional entrepreneur at a moment when the economics of news are being reshaped by technology, advertising concentration and changing consumer habits.
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The article reports on a recent event—the Aga Khan Fund’s sale of its stake in Nation Media Group to Rostam Azizi—which occurred on March 10, 2026. This is the earliest known publication date for this specific information, indicating high freshness. No evidence of recycled or outdated content was found.
Quotes check
Score:
8
Notes:
The article includes direct quotes attributed to Rostam Azizi and Sultan Ali Allana. While these quotes are consistent across multiple reputable sources, the absence of direct links to the original statements raises concerns about verification. Without access to the original sources, the authenticity of these quotes cannot be fully confirmed.
Source reliability
Score:
7
Notes:
The article originates from The Independent, a Ugandan news outlet. While it is a known publication, it is not as widely recognized as major international news organizations. The lack of direct links to primary sources or official statements from the Aga Khan Fund or Taarifa Ltd. diminishes the overall reliability of the information presented.
Plausibility check
Score:
9
Notes:
The claims made in the article align with reports from other reputable sources, such as MarketScreener and Capital News, confirming the sale of the stake and the involvement of Rostam Azizi. However, the absence of direct links to official statements or press releases from the involved parties introduces a degree of uncertainty regarding the details and context of the transaction.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
While the article reports on a recent and plausible event—the sale of the Aga Khan Fund’s stake in Nation Media Group to Rostam Azizi—the lack of direct links to primary sources or official statements from the involved parties raises significant concerns about the accuracy and reliability of the information presented. The absence of verifiable quotes and the reliance on secondary sources diminish the overall credibility of the article. Therefore, it is recommended to seek additional independent verification before publishing.
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