In a significant development for the Tutuwe Tene Limited (TTL), marking a strategic move towards expanding its operational capacity signed a lease agreement with Ok Trading Development Foundation (OTDF), for the use of a motor vehicle Twin Steer Side Lifter truck.
Under the terms of the lease agreement, OTDF, acting as the lessee, will lease this motor vehicle identified by registration number BGX 393.
The vehicle, initially purchased through a counter funding initiative supported by Tutuwe Women Investment Limited (TWIL), will be used by OTDF’s Program Services Operations (PSO) department. This partnership stems from a shared commitment between TTL and TWIL to jointly benefit from the agreement, with both parties agreeing to a defined profit-sharing arrangement based on the Memorandum of Agreement (MOA).
The lease agreement specifies the vehicle be leased for a term of three years, starting on December 14, 2024. OTDF will be required to pay a monthly rental fee of K30,000.00 for the duration of the lease.
The chairman of Tutuwe Tene Limited, Mr. Nathan Samuel, and the chairlady of Tutuwe Women Investment Limited, Ms. Catherine Puse, expressed confidence that this partnership will strengthen both parties’ business operations and contribute to the broader economic development goals in the region.
This agreement reflects the ongoing efforts of OTDF to secure essential resources and improve its service delivery, while also supporting local business ventures in line with the foundation’s mission to drive sustainable development.
Former OTDF Chief Executive Officer Havini Vira said the signing of the lease agreement is seen as a promising step forward in fostering collaboration between local enterprises, with both parties anticipating long-term benefits from the arrangement.
Tutuwe Teine Executives handover keys to CEO, Mr. Havini Vira during the lease signing
“A decision was made by management that no more vehicles would be purchased by OTDF but rather leased from Land Owner Companies associated with the Community Mine Continuation Agreement (CMCA) arrangement and companies with capacity compliant to OTML and international standards of safety.” Vira added.
As OTDF moves forward with this new agreement, the relationship between the two entities is prepared to create mutually beneficial outcomes, enhancing operational efficiencies and contributing to the growth of local businesses.