Geneva, Switzerland, 10 March 2026 - The Aga Khan Fund for Economic Development S.A. (AKFED) today announced that it has entered into an agreement to sell its 100 percent shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd. NPRT holds a 54.08 percent shareholding in Nation Media Group PLC (NMG), comprising 92,618,177 ordinary shares.

The transaction marks the conclusion of AKFED's 66-year association with NMG, which began in 1959. NMG is now poised to expand its impact through further investment in its digital transformation. Taarifa Ltd. is committed to supporting this transition and accelerating NMG's digital growth, enabling the group to strengthen its connection with customers and build on its longstanding tradition of public interest journalism.

A legacy of independent journalism and a vision realised

NMG was founded on the conviction that a free, independent press is indispensable to democratic society. What began as a modest Kiswahili-language newspaper called Taifa Leo – purchased to create a genuinely independent press and give voice to the African majority during the colonial period – has grown in over six decades into a multi-platform media conglomerate of over 30 brands, spanning four countries, reaching over 62 million digital users, and employing more than one thousand professionals across the region.

The first issue of the Daily Nation was published on 20 March 1960 and, when Kenya achieved independence in December 1963, the newspaper was already established as a credible and trusted source of news and analysis. NMG was among the first media companies in Africa to list on a securities exchange, with its shares trading on the Nairobi Stock Exchange since 1973. Throughout its history, NMG has demonstrated an unwavering commitment to editorial independence. It has maintained responsible reporting even during challenging political and regulatory periods. The group has played a pivotal role in Kenya's democratic development, including its coverage of the multiparty transition in the 1990s and its contribution to public education during the 2010 constitutional referendum.

AKFED built one of the region’s most influential media groups. At pivotal moments, NMG has served as a cornerstone of society, providing a platform for voices that might otherwise go unheard.

“AKFED is proud of its contribution to building one of Africa's most respected media institutions,” said AKFED Director Sultan Allana. “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.”

Key milestones in NMG’s history:

• 1959: His Highness Prince Karim Aga Khan IV founds East African Newspapers (Nation Series) Ltd and acquires the Kiswahili weekly Taifa Leo
• 1960: Launch of the Sunday Nation and Daily Nation
• 1973: NMG lists on the Nairobi Stock Exchange (now the Nairobi Securities Exchange)
• 1994: Launch of The EastAfrican, hailed as one of sub-Saharan Africa's finest newspapers
• 1999: Launch of NTV Kenya and Easy FM l, marking NMG's entry into broadcast media
• 2002–2005: Regional expansion through acquisition of Daily Monitor (Uganda) and establishment of Mwananchi Communications (Tanzania)
• 2006: NMG is among the first African media companies to establish a comprehensive online presence in response to the digital revolution
• 2009: Newspapers in Education programme launched, bringing literacy and civic awareness to marginalised schools
• 2016: Aga Khan IV inaugurates a $20 million state-of-the-art printing press, then the largest media investment in the history of East and Central Africa
• 2024: Digital audience exceeds 62 million users

A future of investing in media education

The Aga Khan Development Network will maintain its important work to advance journalistic excellence through the Aga Khan University’s Graduate School of Media and Communications (GSMC), equipping future generations of journalists with the skills, integrity, and critical thinking essential to a free press.

Launched in 2015, GSMC is the premier source of education and tailored training for journalists, communicators and media executives and entrepreneurs in East Africa and beyond.

GSMC currently offers three degree programmes – a Master of Arts in Digital Journalism, an Executive Masters in Media Leadership and Innovation, and a Master of Arts in Strategic Communications – as well as a suite of Executive Education and Professional Development courses, drawing faculty from some of the world’s leading media organisations.

Over the last decade, the school has graduated more than 200 postgraduate professionals and educated more than 7,000 practitioners across the region in digital strategy, newsroom leadership and gender-responsive reporting. Its environmental journalism initiative has produced 52 documentaries reaching millions of viewers, and over 100 public forums and masterclasses have convened global experts and policymakers on the sector's most pressing challenges.

About the purchaser

Taarifa Ltd. is owned by Mr Rostam Azizi, an East African businessman, entrepreneur and economist with experience across multiple sectors including media, mining, telecommunications, agriculture, real estate, port facilities, energy and construction.

With significant experience in East African media, Mr Azizi 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 currently holds interests in Habari Corporation, a media house in Tanzania.

“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group,” said Mr. Azizi. “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.”

Transaction details and regulatory approvals

Completion of the transaction is subject to obtaining regulatory approvals. The transaction is expected to complete within three to four months, subject to satisfaction of all regulatory conditions.

Continuity and stability

Taarifa Ltd. has confirmed that it does not currently contemplate a mandatory or voluntary offer for the remaining NMG shares or delisting on any securities exchange. NMG shares will continue to trade on the Nairobi Securities Exchange and its cross-listed exchanges. Taarifa Ltd is committed to working constructively with the NMG Board, which will continue to oversee and guide the operations of the company.

***

About AKFED

The Aga Khan Fund for Economic Development (AKFED) is an international development agency dedicated to promoting entrepreneurship and building economically sound enterprises in the developing world. AKFED operates as a network of affiliates in Central and South Asia and Africa, with more than 70 separate project companies employing over 75,000 people across 15 countries. AKFED’s investments in East Africa include financial services (Diamond Trust Bank and Jubilee Insurance), industrials (Industrial Promotion Services and related companies), and hospitality (Tourism Promotion Services Eastern Africa).

About Nation Media Group

Nation Media Group PLC is the largest independent media house in East and Central Africa, with operations in Kenya, Tanzania, Uganda, and Rwanda. The group publishes leading newspapers including the Daily Nation, Sunday Nation, The EastAfrican, Daily Monitor (Uganda), Mwananchi and The Citizen (Tanzania). NMG also operates broadcast media including NTV Kenya and Nation FM, and digital platforms reaching over 62 million users. NMG is listed on the Nairobi Securities Exchange and cross-listed on the Dar es Salaam Stock Exchange, Uganda Securities Exchange, and Rwanda Stock Exchange.

Forward-looking statements

This press release contains forward-looking statements regarding the proposed transaction. Completion of the transaction remains subject to satisfaction of regulatory and other conditions, and there can be no assurance that these conditions will be satisfied or that the transaction will be completed on the terms described or at all.

Media enquiries:
For AKFED:

Mr Julian Payne, Edelman, [email protected];

Mr Charles Killick, [email protected]

For Taarifa Ltd:

Ms. Georgia Mutagahywa, [email protected]