The Nation Media Group (NMG) has entered a new era after Tanzanian businessman Rostam Azizi moved to take control of the company, ending the Aga Khan Fund for Economic Development’s (AKFED) 66‑year ownership.
The change follows the proposed sale of AKFED’s entire stake in NPRT Holdings Africa Limited, the vehicle that held the majority stake of Nation Media Group on March 10, 2026, in Nairobi.
NPRT Holdings Africa Limited owned 54.08 percent of Nation Media Group, representing 92,618,177 ordinary shares.
While the majority stake has changed hands, the rest of the shareholder register remains intact based on the latest filings available before the takeover.
Full List of NMG Shareholders
Rostam Azizi, through Taarifa Ltd, will hold 54.08 percent of all NMG shares.
This includes the 92,618,177 shares previously owned by AKFED through NPRT Holdings Africa Limited.
Azizi’s acquisition gives him a clear majority in the company and positions him as the most influential voice in the future direction of the media group.
The second-largest shareholder is Alpine Investments Limited, with 12.3 percent, holding 21,050,222 shares.
In third place is Lalitaben Kanaiyalal Shah, who owns 0.67 percent, translating to 1,140,000 shares.
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Kenya Reinsurance Corporation holds 0.62 percent, equal to 1,054,152 shares, making it one of the state‑linked investors with a formal stake in the company.
John Kimani owns 0.57 percent, amounting to 978,540 shares.
Munirabanu Shah holds a 0.50 percent shareholding, represented by 858,830 shares. Jubilee Life Insurance Company Limited owns 0.43 percent or 728,236 shares.
Another individual shareholder, Yasmin Jetha, holds 0.0079 percent, which equals 13,500 shares.
What Azizi Gains as Majority Shareholder
As the majority shareholder with 54.08 percent of Nation Media Group, Rostam Azizi gains the strongest control over the company’s decisions.
His stake gives him the highest voting power during board elections and strategic approvals, allowing him to shape the direction of East Africa’s largest media house.
This level of ownership allows him to influence long‑term investment plans, guide the digital transformation agenda, and set priorities for print, broadcast, and online operations.
He can also push for changes in management, restructuring, or expansion since no other shareholder comes close to his shareholding.
The stake positions him at the centre of major decisions that determine NMG’s future in a rapidly changing media environment.
Azizi has publicly stated that Nation Media Group will continue operating as an independent newsroom, expressing support for keeping its long‑standing editorial values intact.
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Under Taarifa Ltd, Azizi intends to deepen NMG’s reach and engagement in Kenya, Uganda, Tanzania, and Rwanda.
NMG’s Recent Financial Status
Nation Media Group recorded Ksh6.23 billion in revenue in 2024, a 12.5 percent decline from the previous year.
The company posted a net loss of Ksh254.4 million for the year ended December 31, 2024, driven by reduced advertising, weak consumer spending, and increased operating costs.
The group also reported an 18.9 percent rise in cost of sales, which increased pressure on profitability.
Operating expenses rose after a one‑time restructuring cost of Ksh157.8 million in June 2024.
Despite the losses, digital performance improved.
Monthly unique users on NMG digital platforms increased to 62.4 million, up from 60.2 million the previous year.
In the half‑year ending June 2025, NMG generated a turnover of Ksh2.993 billion, a 5.7 percent drop, and reduced its operating loss before tax to Ksh48.7 million, an 85.9 percent improvement from 2024.
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