By Johannah Nantongo
The Aga Khan Fund for Economic Development (AKFED) has agreed to sell its entire shareholding in NPRT Holdings Africa Limited, the investment vehicle that controls a 54.08 percent stake in Nation Media Group (NMG).
The shares have been acquired by Taarifa Ltd, a company owned by prominent East African businessman Rostam Azizi. Once the transaction is finalized, Taarifa Ltd is expected to emerge as the largest shareholder in Nation Media Group.
The move marks the end of AKFED’s long-standing association with the media house, a relationship that began in 1959.
Azizi already has investments in the regional media sector. He holds interests in Habari Corporation, a media company operating in Tanzania.
Even after exiting Nation Media Group, AKFED said it will continue promoting quality journalism through the Aga Khan University’s Graduate School of Media and Communications (GSMC). Since its establishment in 2015, the institution has trained thousands of journalists and media practitioners across East Africa.
AKFED Director Sultan Allana expressed optimism that Nation Media Group will continue upholding the editorial standards and values that have guided the company for many years.
Nation Media Group operates a number of media outlets across the region, including NTV Uganda and the Daily Monitor, with operations spanning print, broadcast, and digital platforms in Kenya, Uganda, Tanzania, and Rwanda.