East Africa’s media landscape is set for a historic shake-up as Tanzanian billionaire and former politician Rostam Azizi acquires a controlling 54.08 percent stake in Nation Media Group (NMG).
The deal marks the end of the Aga Khan Fund for Economic Development’s 66-year reign over the media giant. While Azizi promises to preserve editorial independence, his controversial past, marred by high-profile corruption scandals and political manipulation, casts a shadow over the transaction.
Critics fear that the region’s largest media platform could fall under the sway of a businessman long linked to opaque dealings.
Nation Media Group Changes Hands as Scandalous Rostam Azizi Secures Majority Control
Nation Media Group, one of East Africa’s most influential media conglomerates, operates more than 30 brands and reaches over 62 million digital users across the region. The acquisition sees Azizi take over from the Aga Khan Fund for Economic Development (AKFED), which has steered the company since 1959.
The transaction was executed through NPRT Holdings Africa Limited, the investment vehicle that held AKFED’s controlling stake comprising 92,618,177 ordinary shares. Financial terms remain undisclosed, but the move effectively hands Azizi majority control over East Africa’s media powerhouse.
Azizi’s entry into NMG is framed as a return to the media sector. He co-founded a Tanzanian communications company that launched influential publications, later acquired by NMG. Despite promises of editorial independence and investment in digital transformation, Azizi’s controversial record fuels concerns over media impartiality.
Analysts warn that his extensive business interests, combined with a history of manipulating political and economic outcomes, could compromise the integrity of the region’s leading news outlet.
The Richmond Scandal That Shook Tanzania
Rostam Azizi’s public career is inseparable from the 2008 Richmond Development Company scandal, which rocked Tanzania’s parliament. The scandal involved the controversial awarding of a fraudulent power generation contract.
A parliamentary report implicated Azizi in facilitating the deal, forcing his resignation from political office. Though he has denied wrongdoing, the episode damaged his credibility and remains a defining moment of his career.
The scandal also sparked resignations across Tanzania’s energy sector, highlighting systemic governance failures. While Azizi won a defamation case in 2009 against Mwanahalisi newspaper over its coverage linking him to the Richmond affair, public memory of the incident continues to fuel skepticism about his role in corporate governance and media ownership.
Allegations of Deep State Manipulation
In addition to historical scandals, Rostam Azizi has long been associated with shadowy networks in Tanzania’s political economy. Recent reports allege his involvement in a so-called “deep state,” a hidden system purportedly manipulating government tenders and influencing political outcomes. While unverified, these claims align with broader allegations of economic manipulation and suggest a pattern of influence extending beyond legal and business norms.
Azizi’s extensive media holdings, including New Habari Ltd and former telecommunications interests such as Vodacom Tanzania (now linked to Tigo/Zantel), have drawn scrutiny for potential political leverage. Observers argue that controlling major media and communication channels enables him to shape public discourse, safeguard business interests, and influence government policies in his favor.
Business Empire and Ongoing Controversies
Despite legal and political controversies, Rostam Azizi has expanded his business empire across East Africa. His holdings include liquefied petroleum gas through Taifa Gas, mining interests, and stakes in ports and logistics.
In 2026, reports connected him to the controversial DP World port deal, renewing questions about transparency and the intersection of business and politics in his operations. Azizi’s acquisition of NMG fits a broader pattern of consolidating strategic assets in media, energy, and infrastructure.
Analysts warn that this convergence of wealth and media influence risks compromising journalistic independence in a region where media freedom remains fragile. Critics argue that the transaction may shift NMG from a historically neutral platform into a vehicle for advancing corporate and political agendas linked to a figure long embroiled in scandals.
Implications for East African Media
The sale of Nation Media Group to Rostam Azizi represents more than a business transaction. It signals a potential realignment in East African media governance. While Azizi publicly commits to maintaining editorial independence, his track record raises legitimate questions about conflicts of interest and influence over reporting on political and business matters.
For journalists, civil society, and media watchdogs, vigilance is crucial. Ensuring transparency in NMG’s governance and editorial decisions will determine whether the media conglomerate continues to serve the public interest or becomes a tool for advancing the interests of a billionaire with a history of corruption and political maneuvering.
East Africans are now watching closely as regulatory approvals for the deal proceed. The months ahead will test the resilience of one of the region’s most important media institutions and set a precedent for how corporate ownership intersects with press freedom in East Africa.
