Tanzanian billionaire Rostam Aziz’s Taarifa Ltd has completed the acquisition of a controlling stake in Nation Media Group (NMG), ending the Aga Khan Fund for Economic Development’s 66-year association with the East African media company.

Taarifa acquired 100% of NPRT Holdings Africa Ltd from AKFED, giving it indirect control of over 92 million shares in NMG, equivalent to a 54.08% stake. Based on NMG’s prevailing share price, the stake is valued at approximately $9.6 million.

The transaction marks a major shift in ownership for NMG as Taarifa begins its tenure as the company’s new controlling shareholder.

Taarifa secures regulatory approvals

Capital markets regulators in Kenya, Tanzania and Uganda granted Taarifa exemptions from mandatory takeover requirements for NMG’s remaining shareholders.

Taarifa said all other approvals and consents required to complete the acquisition had been obtained, allowing the transaction to close. The new shareholder has previously stated that it does not intend to acquire NMG’s remaining shares or delist the company, leaving minority investors alongside the new controlling owner.

New board reshapes Nation Media Group

The ownership transition follows a significant overhaul of NMG’s board, with six new directors appointed and four directors stepping down effective August 28. The new directors are Georgia Mutagahywa, Juliana Rotich, Bharat Thakrar, Wilfred Musau, Julie Gichuru and Julius Kipngetich.

Mutagahywa, who has a direct link to Rostam Aziz’s business interests, serves as Chief of Staff to the Chairman of Taifa Group, supporting strategic, business and stakeholder priorities across its operating companies.

The other appointments bring experience spanning technology, financial services, advertising and media. Rotich has worked across digital businesses and fintech, while Thakrar founded Scanad and built the business that became Scangroup. Musau is a former CEO of National Bank of Kenya, Gichuru is a former NMG journalist and digital media executive, and Kipngetich is Group CEO of Jubilee Holdings.

NMG faces mounting financial pressure

The ownership change comes as NMG navigates a difficult financial period.

The group’s revenue fell 4.8% year-on-year to Ksh2.85 billion ($22.02 million) in the first half of 2026, its lowest first-half turnover in 21 years. Its net loss widened sharply to Ksh357.2 million ($2.76 million) from Ksh41.7 million ($322,149) a year earlier, marking its third consecutive first-half loss. Traditional print operations remain under pressure, although broadcasting revenue increased 3% and subscription revenue rose 4%.

For Taarifa and the new board, reversing the decline in traditional media while accelerating NMG’s transition toward digital and subscription-driven revenues will be a key priority.

NMG remains listed on the Nairobi Securities Exchange and cross-listed in Tanzania, Uganda and Rwanda. The completion of the transaction places Aziz’s Taarifa at the centre of the group’s next phase as it seeks to strengthen the business while retaining its public-market listing.