Rostam’s Nation Media acquisition faces EAC scrutiny

Arusha. The East African Community (EAC) Competition Authority has formally commenced a merger inquiry into the proposed acquisition of a majority stake in Nation Media Group (NMG) by Taarifa Ltd, an investment vehicle linked to Tanzanian businessman Rostam Aziz.

According to Merger Inquiry Notice No. 7 of 2026, the transaction involves the acquisition of 100 per cent of the issued share capital of NPRT Holdings Africa Limited from the Aga Khan Fund for Economic Development (AKFED).

As NPRT Holdings Africa Limited maintains the legal and beneficial ownership of 54.08 per cent of the issued share capital of Nation Media Group PLC, the deal represents a significant shift in the shareholding structure of one of the region’s most prominent media conglomerates.

Nation Media Group (NMG), which is listed on the Nairobi Securities Exchange and cross-listed in Dar es Salaam, Kigali, and Kampala, maintains a formidable presence across the EAC through subsidiaries such as Monitor Publications in Uganda, Mwananchi Communications Limited in Tanzania, and various broadcast and publishing arms in Kenya and Rwanda.

The acquiring entity, Taarifa Limited, is described as a pure investment holding company incorporated in Mauritius.

The Authority’s filing indicates that the firm is a newly incorporated entity with no existing operating subsidiaries or direct supply of goods and services within the Community.

This lack of prior corporate interests in the regional media sector will likely be a focal point of the Authority’s assessment as it evaluates the impact of the transition from the long-standing stewardship of AKFED to the new holding structure.

Under the provisions of the East African Community Competition Act of 2006 and the subsequent 2025 Regulations, the Authority is mandated to determine whether the merger is likely to substantially lessen competition within the regional market or if the transaction remains contrary to the broader public interest.

The inquiry will scrutinise the potential for market dominance and the implications for media plurality across the four nations where NMG operates.

The EAC Competition Authority has invited interested stakeholders, including industry competitors, suppliers, and customers, to submit written representations regarding the proposed transaction.

These submissions must be directed to the Authority’s secretariat no later than May 29, 2026.

The regulator has assured all parties that representations will be handled with strict confidentiality as the commission weighs the technical and public interest merits of the acquisition.

This development marks a pivotal moment for the media landscape in East Africa, as the regional regulator exercises its oversight on a transaction that spans multiple borders and involves several of the most influential news outlets in the bloc.

The final determination by the EAC Competition Authority will be essential in shaping the future corporate governance and operational independence of the Nation Media Group.