The Federal Ministry of Finance on Wednesday denied hiring any public relations firm for a fee of $2 million (N612 million) per month. But, said the Executive Council of the Federation, FEC approved only N28.97 million spent on hiring the British consultancy firm.
A media report had said the Minister of Finance, Kemi Adeosun, hired the British PR firm, Africapractice R & B, to handle her communications throughout the one week she attended the World Bank/International Monetary Fund, IMF Spring meetings in Washington DC.
But the Director of Information, Ministry of Finance, Salisu Dambatta, said in Abuja on Wednesday the PR consultant was hired by the Federal Government, as part of the Eurobond programme.
“The Public Relations firm, Africa Practice has been retained by the Federal Government for N28, 975,000 only for three years on the approval of the Federal Executive Council in November 2016 to work for the Debt Management Office as part of the Eurobond programme alongside Standard Chartered Bank, Stanbic IBTC Holdings PLC, Citibank, WHITE & CASE LLP and Banwo & Ighodalo,” Mr. Dambatta said.
He said the selection of the company followed a competitive tender advertised in international and local newspapers, including the Federal Tenders Journal.
Due process, he said, was fully followed in the selection exercise, the outcome of which was publicly announced earlier this year.
The representative of Africa Practice, Mr. Dambatta disclosed, was in Washington DC in continuation of the Eurobond programme and in support of the country’s outreach with international investors interested in doing business with Nigeria.
On the criteria for the evaluation of the Technical Bids submitted by the appointed transaction partners, Mr. Dambatta said it included company track record and credentials as well as evidence of valid license to operate in the market or jurisdiction in which they are domiciled.
Other criteria included global presence, transaction history with the federal government or any of its agencies, experience in similar transactions in the international capital market and quality of marketing and distribution strategy for the Eurobond programme.
Africapractice is a strategy and communications consultancy firm providing integrated solutions, business, political and commercial intelligence as well as risk analysis on market entry, issues management and investor relations.
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