Aga Khan Fund Restructures Nation Media Group Stake Amid Leadership Transition

The Aga Khan Fund for Economic Development (AKFED), a Swiss-based development finance institution controlled by Aga Khan V, has reorganized its controlling stake in Nation Media Group (NMG), East Africa’s largest publicly listed media company.

The fund transferred 92.6 million shares—representing 54.08 percent of NMG—to NPRT Holdings Africa Ltd., a wholly owned subsidiary.

The move, overseen by Rahim Al-Hussaini, the new hereditary Aga Khan V and son of the late Aga Khan IV, was valued at approximately $9.3 million.

Kenya’s Capital Markets Authority (CMA) approved the transaction and exempted NPRT from making a mandatory takeover bid to minority shareholders, normally required when ownership exceeds 50 percent.

The restructuring comes six months after the death of Shah Karim Al-Hussayni, Aga Khan IV, who passed away in February at the age of 88. The late Aga Khan IV founded Nation Media Group in 1959, which has since grown into the region’s leading private media house, with operations in Kenya, Uganda, and Tanzania.

His son, Rahim Al-Hussaini, a Brown University graduate actively involved in the Aga Khan Development Network, assumed leadership as the 50th hereditary Imam. The consolidation of NMG’s shareholding under NPRT Holdings Africa is one of his earliest strategic corporate moves, designed to maintain unified family control over the media business.

The restructuring coincides with financial challenges at Nation Media Group. For the six months ending June 30, the company reported a net loss of Ksh 56.3 million ($435,644), an improvement from Ksh 553.5 million ($4.28 million) the previous year. Turnover fell 5.7 percent to Ksh 2.99 billion ($23.4 million), affected by weaker advertising and circulation revenues.

Despite these pressures, Nation Media remains East Africa’s most diversified media company. Its portfolio spans newspapers, television, radio, and digital platforms—including NTV streaming, Nation.Africa, The EastAfrican, newsletters, and podcasts.

The latest restructuring is intended to streamline management, consolidate control, and provide stability as the company navigates industry changes. Listed across Nairobi, Uganda, Rwanda, and Dar es Salaam stock exchanges, Nation Media continues to hold a rare cross-border presence amid leadership transition and a rapidly evolving media landscape.