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Nation Media Group PLC has announced that Joseph Muganda has been appointed as the new Chairman of its Board of Directors.
Muganda succeeds Dr. Wilfred Kiboro, who will retire during the company’s Annual General Meeting on June 27, 2025.
The incoming chairman is a seasoned business leader with over 30 years of experience in multinational corporations across Africa and the UK.
Incoming Nation Media Group Joseph Muganda
He joined the Nation Media Group Board on November 1, 2024.
His prior executive roles include CEO positions at VIVO Energy Kenya (Shell licensee), Kenya Breweries Limited, and British American Tobacco.
He also previously served as Group Chief Executive Officer of Nation Media Group between 2015 and 2018.
He holds an MBA from the University of Leicester and a B.Sc. in Accounting and Financial Management from the University of Buckingham.
Muganda currently chairs the Board of Stanbic Bank Kenya and sits on several other boards.
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Wilfred Kiboro's tenure
Dr. Kiboro, who has served as Chairman since 2009, will step down after nearly two decades of leadership at Nation Media Group.
He first joined the company in 1993 as Managing Director of the flagship Nation Newspapers Division.
Kiboro later became Group CEO in 1995, a position he held until 2006. Under his leadership, NMG transitioned from a print-focused company into a diversified, regional multimedia powerhouse with strong digital and broadcasting arms and expanded presence in Uganda and Tanzania.
He has been widely lauded for his firm stance on media freedom, public interest, and organisational accountability.
Outgoing Nation Media Group Chairman Dr Wilfred Kiboro
He is also credited with fostering a strong talent pipeline across the company and reinforcing the editorial independence of NMG publications.
In a statement, the Board and staff of Nation Media Group expressed gratitude to Dr. Kiboro for his "long and dedicated service" and extended their best wishes for his retirement.
They also welcomed Muganda back to the group in his new leadership role, expressing confidence in his ability to guide the company into its next phase of growth.
The transition marks a new chapter for East Africa’s largest independent media house, as it continues to navigate an evolving media landscape.
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Financial performance
Nation Media Group announced a net loss of Sh254.4 million for the financial year ended December 31, 2024.
This marks the second consecutive year of losses for the company, extending the previous year’s loss of Sh205.7 million.
The group’s total turnover for 2024 declined by 12.5% to Sh6.23 billion from Sh7.12 billion in 2023.
The company attributed the revenue drop to a challenging macroeconomic environment characterised by high inflation, weakened consumer spending, and subdued advertising demand.
Cost control measures helped reduce operating costs by 17.2%, while the cost of sales decreased by 18.9%, which helped maintain margins despite falling revenues.
However, the group incurred a one-time restructuring charge of Sh157.8 million in June 2024.
From a profitability perspective, NMG’s trajectory has been downward since a peak profit of over Sh2.5 billion in 2013, with the company now facing structural shifts in media consumption and economic pressures that have led to sustained losses in recent years.
The company ended 2024 with Sh2.38 billion in cash and short-term investments, down from Sh2.91 billion in 2023, partly due to a Sh94.4 million share buyback program.
Given the financial performance and ongoing investment needs, the board did not recommend a dividend for the year