On Tuesday, the Aga Khan Fund for Economic Development (AKFED) revealed plans to offload its majority ownership in Nation Media Group PLC, bringing to a close a partnership that has lasted over six decades.
Under the agreement, AKFED will sell its entire 100 percent stake in NPRT Holdings Africa Limited to Taarifa Ltd. NPRT, in turn, controls a 54.08 percent share in NMG, amounting to more than 92.6 million ordinary shares.
The deal brings to an end a relationship that began in 1959. Nation Media Group, which started as the small Kiswahili-language newspaper Taifa Leo, has since expanded into a regional media powerhouse, boasting more than 30 brands across four countries.
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Sultan Allana, director at AKFED, expressed pride in the fund’s contribution to establishing one of Africa’s most esteemed media organizations. “The fund is confident NMG will maintain its commitment to independent journalism and continue serving the public with the same integrity that has defined it for over sixty years,” Allana stated in a release.
Under its new ownership, Nation Media Group is expected to prioritize digital growth and transformation. Taarifa Ltd. has pledged to support this shift while enhancing engagement with the group’s 62 million online users.
The media company has also played a key role in East Africa’s democratic landscape. Its flagship newspaper, Daily Nation, was first published on March 20, 1960, and NMG became one of Africa’s pioneering media firms to be listed on a stock exchange when it joined the Nairobi Securities Exchange in 1973.
The group currently employs more than 1,000 professionals across the region and continues to focus on innovation while upholding the principles of independent and responsible journalism.
written by @enock katamba
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Enock Katamba – Journalist | Founder of Uncovered Ug (uncoveredug.com)
Enock Katamba is a Ugandan journalist and founder of Uncovered Uganda, a digital online news platform covering health, national news, entertainment, celebrity gossip, music, education, business, sports, and international news. He focuses on delivering accurate, timely, and reliable information to keep the public informed.
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