• Friday, May 24, 2024
businessday logo


PUTTRU reports $3.8bn project pipeline in 2021

Rig count in delta fails to match Nigeria’s 1.7mbpd target

In line with its commitment to building a global business that meets international sustainability standards, PUTTRU, one of Africa’s online business facilitation platforms, has unveiled a 5-year strategic plan to further consolidate on the gains of its first year of operation in Africa’s energy sector, where it attracted a project pipeline of $3.8b in 2021.

This came to the fore during its board meeting which attracted the company’s directors and advisors alongside some legal and investment experts held recently.

According to the company, PUTTRU will also be developing an environmental, social and governance (ESG) policy 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.

“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 percent of all project transactions received were from Nigeria, and that projects from Nigeria, predominantly upstream oil and gas projects, accounted for 97percent of the total value of projects ($3.8b) received last year,” a statement signed by PUTTRU’s founder and chief executive officer, Monica Maduekwe stated.

Read also: Nigeria to sign $3.3bn loan agreement for 10 projects – minister

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, the statement read.

According to her, the company’s project pipeline is also an indication of the effectiveness of its 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, Maduekwe said PUTTRU will continue to leverage these factors in growing the company’s market share. “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.”

Since its entry into Africa’s energy market, PUTTRU has been at the vanguard of bridging energy gaps in a sustainable fashion.