The deal will make Azizi the majority shareholder of the Nairobi-listed media organisation, marking one of the most significant media ownership transactions in the region in decades.
AKFED said on March 10 that it had agreed to sell its entire shareholding in NPRT Holdings Africa Limited to Taarifa Ltd, a company owned by Azizi. NPRT Holdings currently controls 54.08% of Nation Media Group, equal to 92,618,177 ordinary shares.
By purchasing the holding company, Azizi effectively gains control of Nation Media Group.
Financial details of the transaction were not disclosed.
Based on Tuesday’s closing price of $0.10 (3.25 Kenyan shillings) per share on the Nairobi Securities Exchange, the stake held by NPRT Holdings would be worth roughly $9.5 million(23 billion shillings) on the market.
End of a six-decade relationship
The transaction brings to a close AKFED’s involvement with the media company, which began in 1959.
That year, Prince Karim Aga Khan IV invested in what later became Nation Media Group as part of efforts to support independent journalism in East Africa during the final years of colonial rule.
One of the earliest steps was the acquisition of Taifa Leo, a Kiswahili newspaper that provided news to African audiences at a time when most publications in the region were controlled by colonial interests.
The company later launched the Daily Nation in March 1960, which quickly became one of the most influential newspapers in East Africa.
By the time Kenya gained independence in 1963, the publication had already become a major source of news and political analysis in the region.
Over the decades, the organisation expanded beyond newspapers into television, radio and digital media, building a regional network of more than 30 brands operating across several East African countries.
Company data shows the group now reaches more than 62 million digital users and employs over 1,000 people.
Nation Media Group was also among the earliest African media companies to list on a stock exchange, with its shares trading on the Nairobi Securities Exchange since 1973.
Azizi is one of Tanzania’s most influential business figures, with investments spanning telecommunications, energy, mining and real estate.
In 2013, Forbes named him Tanzania’s first dollar billionaire after the rapid growth of his business empire.
He previously held a large stake in Vodacom Tanzania before selling the shares in transactions worth hundreds of millions of dollars.
Azizi also served in politics for nearly two decades, representing the Igunga constituency in Tanzania’s parliament between 1994 and 2011.
His companies include Taifa Gas, one of the largest liquefied petroleum gas suppliers in East Africa. In 2023, Kenya’s President William Ruto commissioned a Taifa Gas LPG plant at the Dongo Kundu Special Economic Zone in Mombasa.
Although he is best known for investments in energy and telecommunications, Azizi also has ties to the media industry. Earlier in his career, he helped establish a communications business that launched publications in Tanzania which were later acquired by Nation Media Group.
His latest move therefore represents a return to the sector.
Azizi said the new ownership would focus on strengthening the company’s growth, particularly as the media industry shifts further toward digital platforms.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said.
“NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
AKFED said the transition comes at a time when the media group is accelerating its digital transformation and expanding its online audience.
According to the development organisation, the new shareholder intends to support investments in technology and audience engagement while maintaining the company’s long-standing focus on public-interest journalism.
AKFED Director Sultan Allana said the organisation was proud of the role it played in building the media institution.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” Allana said. “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.”
Further details about regulatory approvals and the timeline for completing the transaction were not immediately disclosed.
