Tanzania’s first dollar billionaire, Rostam Aziz, acquires majority stake in Nation Media Group

Tanzania’s first dollar billionaire, Rostam Aziz, has taken a decisive step in expanding his business footprint beyond energy and telecommunications by acquiring a majority stake in Nation Media Group (NMG), one of East Africa’s most influential media organizations.

The acquisition follows an agreement between The Aga Khan Fund for Economic Development S.A. (AKFED) and Aziz’s company, Taarifa Ltd, under which AKFED sold its 100 percent stake in NPRT Holdings Africa Limited—holder of 54.08 percent of NMG—to Taarifa. The move brings to a close AKFED’s 66-year association with NMG, which began in 1959, and signals a new chapter for the media group’s digital transformation ambitions.

Regional energy and media investments grow

Aziz, the first Tanzanian to appear on Forbes’ global billionaires list, has built a vast business empire spanning oil and gas, mining, agriculture, real estate, construction, telecommunications, and media. His media ventures in Tanzania, including the establishment of Mwananchi, The Citizen, and Mwanaspoti newspapers, and current interests in Habari Corporation, underscore his longstanding engagement with journalism.

The $130.5 million liquefied petroleum gas terminal under construction in Kenya reflects Aziz’s strategy to improve regional energy access, while his planned $500 million expansion into Zambia—including gas distribution, renewable energy, and contract mining—demonstrates a regional vision for industrial and energy development.

NMG spans East Africa with 30 brands

Nation Media Group (NMG), founded by His Highness the Aga Khan IV during Kenya’s final colonial years, has built a six-decade record of editorial independence and public service. The company reaches over 62 million digital users across Kenya, Uganda, Tanzania, and Rwanda, and employs more than 1,000 staff across its media operations.

The leading media group has expanded into a multi-platform organization with more than 30 brands, including the Daily Nation, first issued on March 20, 1960. Its shares are listed on the Nairobi, Uganda, Dar es Salaam, and Rwanda exchanges. Taarifa confirmed it has no plans to acquire the remaining shares or pursue a delisting.

NMG undergoes investor-led transformation

In a joint statement, AKFED and Taarifa emphasized that the acquisition will support NMG’s digital growth, deepen connections with audiences, and uphold the institution’s commitment to public interest journalism. “AKFED is proud of its contribution to building one of Africa’s most respected media institutions,” said AKFED Director Sultan Allana, expressing confidence that NMG will continue to champion independent journalism in the region.

With this acquisition, Rostam Aziz strengthens his position as a key East African investor and takes control of one of the region’s major media companies. The deal aligns his energy, industrial, and media holdings under a coordinated strategy aimed at long-term regional influence. It marks a significant shift in media ownership, highlighting how financial strategy and local insight can drive growth in established institutions.