PUTTRU’s US$ 3.8 billion reasons to expand operations in Africa

Abuja (12 February 2022) – PUTTRU Technologies Limited held the 2nd meeting of its board of directors on the 12th of February 2022 online. In addition to the directors and board advisors, the meeting was attended by finance, investment and legal experts invited to weigh in on the company´s proposed plans. 

The two- and half-hour meeting provided an opportunity for the company’s management to present the activities the company implemented in 2021, the results achieved as well as the work plan and budget for 2022. Among others, the company, in its first year of operating, reported a project pipeline of US$ 3.8 billion.

Covering the entire energy value chain, PUTTRU received requests to mobilize finance for projects in oil and gas, renewables, construction and other sectors. The management reported that 75% of all project transactions received were from Nigeria and that projects from Nigeria, predominately upstream oil and gas projects, accounted for 97% of the total value of projects (i.e., US$ 3.8 billion) received last year.

Explaining the composition of projects in the company’s 2021 pipeline, the PUTTRU management noted that the recent bidding rounds implemented by the government of Nigeria in the petroleum sector could have contributed to the large number of oil and gas projects seeking capital. However, it was agreed that the company’s project pipeline was also an indication of the effectiveness of PUTTRU’s marketing efforts, its partnerships with both public and private actors as well as its reputation for being a homegrown solution representing the African interest. In the coming years, PUTTRU will continue to leverage on these factors in growing the company’s market share.

Speaking on priorities for 2022, the management noted that PUTTRU has begun implementing the first stages of the company’s 5-year strategic plan and will be transitioning from a passive to a proactive project pipeline growth strategy.  This implies that PUTTRU will be taking on more project preparation transactions, a strategic position that is expected to enable the company to have more control over the sort of transactions the company’s resources are spent on.

Furthermore, in line with the company’s result area on ‘Building a Global Business that Meets International Sustainability Standards’, the management announced that PUTTRU will be developing an environmental, social and governance (ESG) policy for the board’s approval. This is in addition to a deal origination policy and procedures based on international code of ethics and standards that will be developed and presented to the board this year.

While commending the management for the company’s achievements despite the tough market conditions brought about by Covid-19, the board advised that PUTTRU focuses on fundraising, an area that the company has shown itself to have a comparative advantage in.

Lastly, on the matter of company valuation, the consensus was that PUTTRU has indeed satisfied the conditions to proceed to this next stage of the company’s growth, having proven its concept, acquired customers and built high profile partnerships.

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Subject line: 2nd Meeting of the PUTTRU Board of Directors

Address to: Public Relations