Tanzanian billionaire businessman Rostam Abdulrasul Azizi is set to become the new majority shareholder of Nation Media Group (NMG) after agreeing to acquire the controlling stake of 54.08% previously held by the Aga Khan Fund for Economic Development (AKFED).
Azizi will take control of the stake through Taarifa Ltd, his investment vehicle, marking one of the most consequential ownership changes in East Africa’s media sector in decades.
A self-made billionaire, business magnate, economist and former politician, Azizi has built a sprawling business empire across telecommunications, energy, mining, agriculture, media, ports, construction and real estate.
Born on 21 August 1960 in Igunga District in Tanzania’s Tabora Region, Azizi completed his early schooling in Tanzania before travelling to the United Kingdom, where he earned a Bachelor’s degree in Economics from the University of Exeter.
According to Forbes Magazine, Azizi became Tanzania’s first dollar billionaire in 2013, with a net worth estimated at more than $1 billion. The Henley & Partners Africa Wealth Report 2022 later identified him as the only dollar billionaire in East Africa, underscoring his position among the region’s most influential business figures.
Telecoms and Business Empire
Azizi’s wealth has been built largely through strategic investments in telecommunications and energy.
According to Forbes, he once owned nearly 18% of Vodacom Tanzania, the country’s largest mobile phone company with more than 15 million subscribers. Through his investment vehicle Cavalry Holdings, Azizi previously controlled 35% of Vodacom Tanzania.
In May 2014, he sold 17.2% of Vodacom Tanzania to Vodacom Group of South Africa in a deal estimated at $250 million. He later exited the company entirely in 2019, selling his remaining stake through Mirambo Holdings for approximately $220 million.
Beyond telecommunications, Azizi has major holdings in several industries. He owns MIC Tanzania Plc, the parent company of Tigo Tanzania and Zantel Ltd, as well as Taifa Gas Group, one of East Africa’s largest liquefied petroleum gas distributors.
His portfolio also includes Caspian Mining, a contract mining firm operating in Tanzania, alongside extensive real estate investments in Dubai and Oman.
Azizi’s entrepreneurial journey began in his family’s trading business, before he expanded independently into telecommunications, energy and mining. Today, his ventures span multiple sectors across East Africa.
Political Career and Public Service
Before focusing exclusively on business, Azizi also had a prominent political career in Tanzania.
He represented Igunga constituency in Tabora Region as a Member of Parliament from 1994 until his resignation in 2011. During that period he served in several influential roles within the ruling party Chama Cha Mapinduzi (CCM).
Azizi was National Treasurer of CCM from 2005 to 2007 and a member of the party’s Politburo and Central Committee between 2006 and 2011.
During his time in parliament, Azizi championed several social initiatives in his constituency.
Among his notable achievements was pioneering community health insurance in Tanzania, ensuring that every household in Igunga constituency had health coverage under the Community Health Fund.
He also spearheaded improvements in public infrastructure. Under his leadership, Igunga became the first district in Tanzania to have a dispensary in every village and electricity connections in every ward, while access to clean water was significantly expanded.
Aga Khan Fund Exits Troubled Nation Media Group After 66 Years, Sells Controlling Stake to Tanzanian BillionaireFormer Tanzanian President Benjamin William Mkapa later acknowledged Azizi’s contributions in his memoir, particularly his role in advancing the National Health Insurance initiative.
In 2011, Azizi stepped down from politics to focus on expanding his business interests.
A prominent East African business family
The Azizi family is among the most prominent business families in East Africa.
They are a fifth-generation Tanzanian family of Iranian origin, whose ancestors settled in Tanganyika more than 150 years ago, after transiting through Zanzibar.
The family initially built its fortunes in agriculture, cultivating crops such as sisal and rice, before diversifying into commerce and industry.
Today the family’s business interests span telecommunications, energy, ports, agriculture, contract mining and media, making them one of the most influential commercial dynasties in the region.
Entry into East Africa’s largest media house
Azizi is also familiar with the region’s media industry.
Between 2000 and 2006, he was a co-founder and shareholder of Mwananchi Communications Limited in Tanzania, where he helped establish three major newspapers: Mwananchi, The Citizen, and Mwanaspoti.
The company was later acquired by Nation Media Group, strengthening NMG’s footprint in Tanzania.
Azizi also holds interests in Habari Corporation, another Tanzanian media house.
With the acquisition of the controlling stake in Nation Media Group, Azizi now assumes stewardship of a media institution that has shaped journalism and public discourse across East Africa for more than six decades.
“We are honored and deeply committed to becoming the majority shareholder of Nation Media Group,” Azizi said following the announcement of the transaction.
“NMG is an institution of profound importance to East Africa, and we will uphold its editorial independence while investing in its continued success as the region’s leading independent media organisation.”
His entry into NMG comes at a time when media companies worldwide are navigating the transition from traditional print and broadcast models to digital-first publishing and subscription-based revenue systems.
For Nation Media Group, the arrival of one of East Africa’s most powerful investors signals the beginning of a new chapter in the company’s evolution.
