Tanzanian tycoon Rostam Azizi buys majority stake in Nation Media Group
He is a business magnate, investor, and former politician recognised as Tanzania's first dollar billionaire
Tanzanian billionaire and owner of Taifa Gas Rostam Abdulrasul Azizi has acquired a controlling stake in Nation Media Group (NMG), marking the exit of long-time majority shareholder Aga Khan Fund for Economic Development (AKFED) after more than six decades of ownership.
AKFED’s exit ends a 66-year partnership that began when Prince Karim Aga Khan IV acquired the Kiswahili weekly Taifa Leo in 1959, laying the foundation for what has grown into one of East Africa’s most influential media organisations.
The Sh16billion (USD 130million) Taifa Gas LPG terminal in Mombasa was officially launched in 2023 by President William Ruto who, then, directed all public schools and institutions to stop using firewood and other biomass fuels and switch to liquefied petroleum gas (LPG) by 2025 in a move aimed at promoting clean energy and protecting the environment.
“Our schools must move away from firewood and biomass and adopt clean energy solutions,” the President said, adding that the shift would also protect students and kitchen staff from inhaling toxic fumes produced by burning wood and charcoal.
The transaction will see AKFED sell its entire shareholding in NPRT Holdings Africa Limited—the investment vehicle that holds a 54.08 per cent controlling stake in NMG—to Taarifa Limited, a company owned by Azizi.
Through the deal, Azizi will effectively assume majority ownership of the East African media giant by acquiring 92,618,177 ordinary shares.
Despite the change in ownership, NMG shares will continue trading on the Nairobi Securities Exchange and other cross-listed markets.
Over the years, Nation Media Group has expanded into a multi-platform media house with more than 30 brands, a digital audience exceeding 62 million users and more than 1,000 employees across Kenya, Uganda and Tanzania.
During AKFED’s stewardship, the group achieved several milestones, including the launch of Daily Nation and Sunday Nation, its listing on the Nairobi Securities Exchange in 1973, and the establishment of regional publications such as The EastAfrican. The company also launched broadcast outlets including NTV Kenya and Easy FM and expanded its digital presence.
AKFED Director Sultan Allana said the organisation was proud of its role in building one of Africa’s most respected media institutions.
“AKFED is proud of its contribution to building one of Africa’s most respected media institutions. 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,” he said.
Azizi said his investment would support the company’s next phase of growth, particularly in digital transformation.
“We are honoured and deeply committed to becoming the majority shareholder of Nation Media Group. 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,” he said.
Despite exiting the media house, AKFED said it will continue supporting journalism training in the region through the Aga Khan University Graduate School of Media and Communications.
Over the past decade, the institution has graduated more than 200 postgraduate professionals and trained over 7,000 journalists across East Africa through various programmes and public forums aimed at strengthening media practice in the region.
Who is Rostam Abdulrasul Azizi?
Born in the Igunga District of Tanzania, Azizi was educated in the UK, earning a Bachelor in Economics from Exeter.
He is a business magnate, investor, and former politician recognised as Tanzania’s first dollar billionaire.
Azizi is one of East Africa’s most prominent entrepreneurs with a diverse portfolio spanning telecommunications, energy, mining, and media. Azizi previously controlled 35 per cent of Vodacom Tanzania through Cavalry Holdings before selling his stake to Vodacom Group of South Africa in 2014 and 2019 for approximately $500 million.
He also acquired Tigo and Zantel in Tanzania in 2022 through a partnership with Axian Group. Azizi owns Taifa Gas, which dominates Tanzania’s LPG market and is expanding into Kenya and Rwanda.
His holdings include Caspian Mining (a contract mining firm), Coastal Aviation, and significant real estate in Dubai and Oman. served as a Member of Parliament for Igunga and was a prominent figure within the ruling CCM party.
However, Azizi resigned from his parliamentary seat and party positions in 2011, amid internal party battles, following accusations regarding his business dealings and a ‘smear campaign’.
Azizi is not new to controversy.
In 2008, he was linked to the Richmond Energy Scandal involving a tainted contract for emergency power generation, which led to the resignation of Prime Minister Edward Lowassa.
Azizi has often been criticised in local media as a ‘wheeler-dealer’ with excessive influence in Tanzanian politics, especially during his time as CCM Treasurer.
