Kemi Adeosun, minister of finance, has explained why the ministry of finance hired Africa Practice, British public relations (PR) and strategic communications consultants.
Earlier, the minister has been accused of wasting the country’s resources by hiring a British PR consultant at $2 million per month or N610 million per month at official rates.
Reacting to the allegations, Adeosun said the allegations are “false and malicious”.
She told TheCable that the ministry hired Africa Practice — alongside Banwo and Ighodalo, Citibank, Standard Chartered Bank — for international work on Nigeria’s recently tapped Eurobond, which was oversubscribed.
Adeosun said the details of the deal are all available to the public, adding that it was approved by the Federal Executive Council (FEC).
“Africa Practice were engaged for international work on Eurobond for the next three years alongside Citibank, Standard Chartered, and Banwo and Ighodalo,” Adeosun said.
As against the reported N610 million per month, Adeosun said Africa Practice was hired at N25 million per year or N2.083 per month.
She said her ministry and the hired partners have succeeded in raising $1.5 billion for the country, with more to come.
Adeosun added that Africa Practice was present at the just concluded World Bank, IMF meetings in Washington DC as part of the assignment of interfacing with international investors.
Africa Practice offers “risk advisory services with strategic communications” to help clients “identify opportunity, mitigate risk and overcome critical communications challenges”.
It has presence in Ghana, Kenya, South Africa, Tanzania, Zimbabwe, Australia, UK and Nigeria.