Governance before capital.
Accountability by design.

PAA established its Board-approved governance and compliance framework during its founding development phase, in anticipation of the responsibilities associated with external capital.

Board-approved · 12 November 2025

146 pages of documented governance and compliance policy.

The Governance & Compliance Manual sets out the architecture for Board authority, financial control, legal compliance, risk oversight and responsible operation. We publish its contents as an accessible guide to the scope of the framework.

View Governance Manual Contents (PDF) ↗

Governance & Compliance Manual

Version 1.0 · Board Approved{manual}

Capability assessment

Initial Operating Capability: formally awarded.

On 13 November 2025, PAA's General Counsel and Director awarded the Initial Operating Capability (IOC) Certificate of Achievement following assessment against a defined six-domain Capability Maturity Matrix.

The maturity framework addresses Governance; Finance; Regulatory & Compliance; Operations; IP & Technology; and Capital Markets Readiness. It distinguishes achieved IOC criteria from subsequent maturity stages.

IOC Certificate ↗Maturity Matrix ↗

A structured path to institutional readiness

IOCInitial Operating CapabilityAwarded 13 November 2025

SOCSecondary Operating CapabilitySubsequent development stage

FOCFull Operating CapabilityFuture target

IPOPublic-market readinessLonger-term strategic option

Risk management

Capital controls: proposed enhancement

The Board is evaluating a three-tier model in response to external investor feedback about Nigerian jurisdictional and capital-management risks. This is not presented as an implemented arrangement.

PAA group authority

Central treasury, investment funds, capital allocation and reserved Board decisions.

Independent oversight

Prospective external PMO, selected for capability and investor acceptability, overseeing approved programme budgets.

Local execution

T4M retains field operations and agricultural relationships within defined authority and verified expenditure controls.

Governance before capital.Accountability by design.