Nation Media Group has entered a new ownership phase after Taarifa Ltd, controlled by Tanzanian businessman Rostam Aziz, completed its acquisition of NPRT Holdings Africa Limited from the Aga Khan Fund for Economic Development. NPRT owns 92,618,177 NMG shares, equal to 54.08% of the listed media company, giving Taarifa indirect majority control.
The change ends the Aga Khan institution’s 66-year association with NMG and comes alongside a major board reshuffle. Six new directors have joined the board while four have stepped down, giving the new controlling shareholder influence over governance at a time when NMG is under pressure to reverse falling print revenue and accelerate digital monetisation.
Key Overview
- Taarifa completed its acquisition of NPRT Holdings Africa on August 31, 2026, gaining indirect control of 54.08% of NMG.
- Regulators in Kenya, Tanzania and Uganda granted exemptions from mandatory takeover offers for the remaining publicly held shares.
- Taarifa has said it does not intend to acquire the remaining NMG shares or delist the company.
- Six directors joined the NMG board on August 28, while four directors exited.
- NMG’s H1 2026 turnover fell 4.8% to KSh 2.85 billion, while its net loss widened to KSh 357.2 million.
- Broadcasting revenue grew 3% and digital subscription revenue rose 4%, highlighting the importance of non-print growth.
Taarifa Completes the Change of Control
The transaction was first announced in March, when AKFED agreed to sell its entire interest in NPRT Holdings Africa to Taarifa. NPRT is the holding company through which the controlling NMG stake is owned, meaning the deal transferred control without Taarifa buying NMG shares directly on the market.
The acquisition was completed on August 31 after Taarifa said all required approvals and consents had been obtained. Because NMG is listed in Kenya and cross-listed in Tanzania, Uganda and Rwanda, the transaction required regulatory scrutiny across several markets.
Authorities in Kenya, Tanzania and Uganda granted Taarifa exemptions from rules that would normally require a controlling buyer to make a mandatory offer to remaining shareholders. That allows the transaction to close with the current minority ownership structure intact.
Taarifa has previously stated that it does not plan to make a voluntary offer for the remaining shares or seek delisting. NMG is therefore expected to remain listed on the Nairobi Securities Exchange and cross-listed in Dar es Salaam, Uganda and Rwanda.
The regional merger inquiry also reviewed whether the acquisition could materially reduce competition or conflict with the public interest.
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Six New Directors Signal a Governance Reset
The ownership transition has been accompanied by one of the most significant board changes at NMG in recent years. The company appointed Georgia Mutagahywa, Juliana Rotich, Bharat Thakrar, Wilfred Musau, Julie Gichuru and Julius Kipngetich as directors effective August 28.
The new board composition adds experience across technology, finance, advertising, corporate governance, communications and media. Mutagahywa has the clearest direct link to the incoming owner through her role as Chief of Staff to the Chairman of Taifa Group.
Rotich brings experience in digital technology and financial services, while Thakrar built Scanad into the business that became Scangroup. Musau previously led National Bank of Kenya, Gichuru has extensive media and communications experience, and Kipngetich is Group CEO of Jubilee Holdings.
At the same time, Al-Noor Ramji, Sultan Ali Akbar Allana, Fayyaz Nurmohamed and Nancy Booker stepped down from the board. The combination of appointments and resignations gives NMG a materially reshaped governance structure just as the controlling shareholder changes.
The new board will now shape NMG’s digital transformation, restructuring and revenue strategy.
New Owners Inherit a Difficult Financial Picture
The transaction closes during one of NMG’s weakest financial periods in decades. For the six months ended June 2026, turnover fell 4.8% to KSh 2.85 billion, from KSh 2.99 billion a year earlier, largely because of continued weakness in print revenue.
The net loss widened to KSh 357.2 million from KSh 41.7 million in the prior-year period, while the loss before tax reached KSh 440.8 million. Higher provisions for doubtful receivables, delayed payments from government entities and higher distribution costs also weighed on profitability.
The decline reflects a broader structural challenge as readers and advertisers migrate online while digital audiences remain harder to monetise at historical print margins.
There are, however, signs of growth outside print. Broadcasting revenue increased 3% in the first half and digital subscription revenue rose 4%. Those gains are still too small to offset the decline in legacy revenue, but they point toward the areas most likely to receive strategic attention.
Digital Transformation Becomes the New Board’s Main Test
When the sale was announced, Taarifa said it intended to support NMG’s digital growth and preserve its public-interest journalism. Aziz also publicly committed to maintaining editorial independence while investing in the company’s future.
That promise will now be tested commercially. NMG must grow digital subscriptions and advertising, strengthen non-print businesses and control costs without weakening the journalism behind its brands.
NMG still has strong regional assets, but its widening losses show audience scale alone is insufficient if monetisation continues to lag traditional revenue decline.
For minority shareholders, the key issue is therefore no longer whether the takeover will happen. It is whether Taarifa’s capital, board appointments and strategic influence can turn NMG’s digital transition into sustainable earnings while preserving the independence and regional credibility that made the company valuable in the first place.
Sources: Nation Media Group / Aga Khan Development Network / East African Community Competition Authority / The Kenyan Wall Street / Africa Business Communities / The Kenya Times
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