Ngumi, who served as the director of Investment Banking at CFC Stanbic Bank in Kenya, is expected to guide the state-owned development authority in searching for investors into the private-public partnership development of the multi-billion dollar technopolis for the next three years.
Ngumi comes with vast experience in both the finance and technology industries, including being the founder director of the Communications Commission of Kenya (CCK) when it was set up in 1999.
He has also been the vice president of CitiBank NA, where he was responsible for the generation and execution of Investment Banking mandates covering public sector clients. He has a BA (1st Class Hons) from St. Peters College, Oxford University, in Philosophy, Politics and Economics (‘PPE').
The appointment of Ngumi will now be followed by the recruitment of the authority’s CEO and board members.
Once the Konza development body is set up and running, the construction of the KShs850 billion (US$ 10 billion) project will commence.
Already, US-based HR & A Advisor clinched the deal to release a clear business plan consisting of a partnership document of investors and the government who will work in facilitating the project.
Once completed, Konza City will have a science park, information communication and technology (ICT) centre, residential place, business or shopping centre, leisure and educational facilities, likened to Silicon Savannah.