NAIROBI-The Aga Khan Fund for Economic Development S.A. (AKFED) has agreed to sell its 100 percent shareholding in Nation Media Group PLC (NMG) to Taarifa Ltd, a company owned by Tanzanian businessman Rostam Azizi.
Mr. Azizi has vast business interests across multiple sectors, including media, mining, telecommunications, agriculture, real estate, port facilities, energy, and construction.
AKFED, in a statement on Tuesday, announced that it had agreed to sell its entire shareholding in NPRT Holdings Africa Limited (NPRT) to Taarifa Ltd. NPRT holds a 54.08% shareholding in Nation Media Group.
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 long-standing tradition of public-interest journalism,” said AKFED and Taarifa Ltd in a joint statement.
Rostam Azizi is a Tanzanian billionaire, business magnate, and former politician with a diverse portfolio of investments.
Born on August 21, 1960, in Igunga District, Tabora Region, Tanzania, Azizi is known for his strategic investments in telecommunications, energy, mining, agriculture, media, real estate, and aviation.
Early Life and Education
Azizi grew up in a family of traders and completed his early education in Tanzania before pursuing a Bachelor's degree in Economics from the University of Exeter in the UK.
Business Ventures
Azizi's business empire includes:
■Telecommunications: Co-founder of Vodacom Tanzania, MIC Tanzania Plc (Tigo Tanzania and Zantel Ltd).
■Energy: Taifa Gas Group, one of East Africa's largest LPG suppliers.
■Mining: Caspian Mining, a contract mining firm in Tanzania.
■Media: Acquired a 54.08% stake in Nation Media Group (NMG) from Aga Khan Fund for Economic Development.
■Aviation: Taifa Aviation, Coastal Travels.
■Real Estate: Properties in Tanzania, Dubai, and Oman.
Philanthropy and Politics
Azizi has contributed to Tanzania's development through initiatives like community health insurance and infrastructure improvements.
He served as a Member of Parliament for Igunga from 1994 to 2011 and held roles within the ruling Chama Cha Mapinduzi (CCM) party.