Tanzanian businessman Rostam Azizi addresses the media at Serena Hotel in Nairobi on March 11, 2026.
About the transaction
Q1: Who is AKFED
The Aga Khan Fund for Economic Development (AKFED) is an international agency dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. We often work in parts of the world that lack sufficient foreign direct investment. We operate as a network of affiliates in Central and South Asia and Africa, with more than 70 separate project companies employing over 75,000 people. AKFED has investments in 15 countries.
In East Africa, AKFED has investments in:
(a) Financial services sector: Diamond Trust Bank and Jubilee Insurance.
(b) Industrial/infrastructure sector: Industrial Promotion Services (Kenya) Ltd, Allpack Industries, Farmers Choice, Alltex EPZ, Spiceken EPZ, Rawmat Ltd, Kamyn Industries, Botanical Extracts, Wire Products, Property Development Management (PDM), Tanzania Litho, Moshi Leather Industries, TLL Printing and Packaging, Bujagali Energy (Uganda), Kampala Pharmaceuticals, Uganda Fishnet Manufacturers, and West Nile Rural Electrification.
(c) Hospitality: Tourism Promotion Services (Serena Hotels).
(d) Media: Nation Media Group (NMG).
AKFED’s only interest globally in media is in NMG.
Taifa Group Founder, Rostam Azizi, and Sultan Ali Allana, Director of the Aga Khan Fund for Economic Development (AKFED), sign transaction documents at Serena Hotel, Nairobi, on March 10, 2026.
Q2: Who took this decision?
Following a strategic review of AKFED’s portfolio, the board and management concluded that the group will focus on its core sectors of financial services, industrials, infrastructure and hospitality. This has led to the decision to divest from the media sector.
Q3: What will the proceeds of this sale be invested in?
The proceeds will be reinvested in other economic development initiatives under AKFED.
Q4: Does AKFED intend to sell any other assets?
This transaction reflects a deliberate strategic repositioning, not a broader divestment programme. At this stage, there are no additional transactions to announce.
Q5: What is the transaction being announced?
AKFED has agreed to sell its 100 per cent shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a private limited company registered in Mauritius. NPRT Holdings Africa Limited holds a 54.08 per cent shareholding in NMG, comprising 92,618,177 ordinary shares.
Q6: Who is the purchaser?
The purchaser is Taarifa Ltd, a Mauritius-registered company owned by Mr Rostam Azizi, a Tanzanian businessman, entrepreneur and economist. Mr Azizi has experience across multiple sectors, including mining, telecommunications, media, agriculture, real estate, port facilities, energy and construction.
Tanzanian businessman Rostam Azizi addresses the media at Serena Hotel in Nairobi on March 11, 2026. He flanked by Taifa Group Chief of Staff Georgia Mutagahywa.
Q7: What is Mr Azizi's background in the media sector?
Mr Azizi has experience in East African media. He was a co-founder and shareholder of Mwananchi Communications Limited from 2000 to 2006, where he initiated the establishment of Mwananchi, The Citizen and Mwanaspoti newspapers, which were subsequently acquired by NMG. He subsequently acquired New Habari (2006) Limited and was a principal investor in Africa Media Group between 2005 and 2019, expanding into broadcasting through ownership interests in Channel Ten, DTV, CTN, Classic FM and Magic FM. He currently holds interests in Habari Corporation Limited, a media house in Tanzania.
Q8: Is Mr Rostam Azizi a fit and proper person to own NMG?
The transaction is subject to the relevant regulatory approvals across the jurisdictions in which the company is listed. The relevant authorities will assess the transaction in accordance with applicable laws and standards.
Q9: What are Taarifa’s intentions regarding NMG’s listing status?
Taarifa has confirmed that it does not contemplate a mandatory or voluntary offer for the remaining NMG shares or any delisting on any securities exchange (Kenya, Rwanda, Uganda or Tanzania).
Q10: What is the purchase price?
The purchase price is not required to be disclosed by the applicable regulations. The purchaser has applied for an exemption from making a mandatory takeover offer, and the transfer of shares will be the shares of NPRT Holdings and not those of NMG directly, and therefore will not directly impact the market valuation of NMG shares.
About AKFED's decision to sell
Q11: Why is AKFED selling its shareholding in NMG when it stated last year that the transfer to NPRT Holdings was merely a restructuring?
When AKFED transferred its NMG shares to NPRT Holdings in 2025, this was indeed an internal restructuring exercise. AKFED routinely holds its investments through special purpose vehicles as part of its standard corporate structure globally. At that time, there was no decision or intention to sell.
However, since then, AKFED has undertaken a strategic review of its investment portfolio. As part of this review, AKFED has determined to concentrate its resources on its core sectors of financial services, industrials, infrastructure, and hospitality. This strategic shift has led to the decision to divest from the media sector. The opportunity presented by Taarifa’s expression of interest aligns with this revised strategic direction.
Q12: Why is the sale structured as a sale of NPRT Holdings rather than a direct sale of NMG shares?
AKFED’s preference is that the transaction be structured through a sale of its 100 per cent shareholding in NPRT Holdings Africa Limited (which holds the 54.08 per cent stake in NMG) rather than a direct sale of the NMG shares. This structure is standard practice for transactions of this nature and provides a clean transfer mechanism.
Q13: How long has AKFED held its shareholding in NMG?
AKFED has held shares in NMG since 1959, predating Kenya's independence. This investment spans over six decades, reflecting AKFED’s long-term commitment to supporting economic development and quality journalism in East Africa.
Q14: Does this sale signal a loss of confidence in NMG or the Kenyan media market?
No. This transaction reflects AKFED’s strategic decision to concentrate on its core sectors. NMG remains the leading media and broadcasting group in East Africa with operations in Kenya, Rwanda, Tanzania and Uganda, and AKFED believes the company is well-positioned for continued success under new ownership. AKFED is proud of the legacy it leaves behind in NMG.
Q15: Was the sale politically influenced?
No. This is a commercial transaction between private parties, which was negotiated independently and is subject to regulatory review.
Q16: Was the sale driven by NMG’s recent business performance?
No. This transaction is the result of a strategic portfolio review and reflects AKFED’s decision to focus on its core sectors of financial services, industrial, infrastructure, and hospitality.
His Highness Prince Rahim Aga Khan V (right) and Tanzanian businessman Rostam Azizi (left). The Aga Khan Fund for Economic Development S.A. has entered into an agreement to sell its 100 percent shareholding in the Nation Media Group PLC to Taarifa Ltd, a company owned by the Tanzanian businessman.
Regulatory and process issues
Q17: What regulatory approvals are required for the transaction?
The transaction is subject to obtaining the following regulatory approvals:
1. Takeover exemptions: MTO Exemptions from the Capital Markets Authority of Kenya, the Capital Markets and Securities Authority of Tanzania and the Capital Markets Authority of Uganda exempting the purchaser from the obligation to make a mandatory takeover offer
2. Competition approvals: Approvals from the Comesa Competition and Consumer Protection Commission, East African Community Competition Authority, Competition Authority of Kenya, Ministry of Trade, Industry and Cooperatives in Uganda, and the Fair Competition Commission in Tanzania
3. Communications approvals: Approvals from the Communications Authority of Kenya, the Uganda Communications Commission, the Tanzania Communications Regulatory Authority, and notification to the Rwanda Utilities Regulatory Authority.
Q18: When is the transaction expected to be completed?
Completion is subject to the satisfaction of all regulatory conditions. The transaction is expected to complete within three to four months.
Impact on NMG operations
Taifa Group Founder, Rostam Azizi and Sultan Ali Allana, Director of the Aga Khan Fund for Economic Development at Serena Hotel, Nairobi, on March 10, 2026.
Q19: Will there be changes to NMG’s management or operations?
Future decisions regarding management and operations will be matters for the new majority shareholder and the NMG board.
Q20: Which AKFED-affiliated directors will resign, and will the purchaser appoint new directors of NMG?
Sultan Ali Allana and Fayyaz Nurmohamed will resign as directors of NMG with effect from the completion date. The purchaser may nominate directors to join the board of NMG, in accordance with NMG’s nominations and election process.
Q21: Will NMG’s editorial independence be maintained?
NMG’s editorial policies and journalistic standards are matters for the NMG board and management. AKFED has a proud legacy of supporting independent, quality journalism throughout its stewardship.
Q22: What happens to dividends declared before completion?
Any dividends declared and paid by NMG to NPRT Holdings prior to the completion date shall be paid by NPRT Holdings to AKFED.
NMG management and board
Q23: Was NMG’s board consulted about this transaction?
NMG has been informed in accordance with applicable disclosure requirements and regulatory obligations.
Q24: What are the implications for NMG employees?
The transaction is a change in the majority shareholding and does not affect NMG’s employment arrangements.
Q25: Will there be redundancies as a result of this change?
A: The transaction does not affect NMG's employment arrangements.
Minority shareholders and investors
Q26: What does this mean for minority shareholders?
The purchaser is not contemplating a mandatory or voluntary offer for the remaining NMG shares. NMG will remain listed, and minority shareholders will continue to enjoy their rights as minority shareholders of NMG. The purchaser will not purchase any of the minority shareholders’ shares in NMG. Minority shareholders may continue to trade their shares on the securities exchanges.
Q29: Will NMG's listing status change?
A: The purchaser has confirmed that it does not contemplate any delisting on any securities exchange (Kenya, Uganda, Tanzania or Rwanda). NMG shares will continue to trade on the Nairobi Securities Exchange.
AKFED's Legacy and Future
Q30: What has been AKFED's contribution to NMG over the past six decades?
A: AKFED has been a committed shareholder in NMG since 1959, supporting the development of quality, independent journalism in East Africa. Throughout this period, AKFED has contributed to NMG's growth into the leading media and broadcasting group in the region, with operations spanning Kenya, Rwanda, Tanzania and Uganda.
Q31: Will AKFED continue to have any involvement with NMG after the sale?
A: No. Following completion, AKFED will have no involvement in NMG.
Q32: What are AKFED's future investment priorities?
A: AKFED is concentrating its investment portfolio on its core sectors of financial services, industrials, infrastructure and hospitality. This strategic focus will allow AKFED to deploy its resources in areas where it believes it can have the greatest impact on economic development.
Q33: Will AKFED sell its interest in any other East African companies it owns?
A: At present, AKFED has no intention of divesting from any other companies in East Africa, which are in the core sectors of its strategy.
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