Seplat Energy Plc, Nigeria’s leading indigenous energy company, has officially joined the Extractive Industries Transparency Initiative (EITI) as a Supporting Company in 2024. This significant move reinforces the company’s steadfast commitment to transparency, accountability, and adherence to global best practices—a milestone that has been prominently recognized on the EITI’s official website and communication platforms.
In a detailed statement released by the company, Chioma Afe, Director of External Affairs and Social Performance, explained that as an EITI Supporting Company, Seplat Energy would actively promote transparency throughout the extractive sector while making meaningful contributions to the development of international governance standards. This strategic affiliation, she noted, would substantially enhance the company’s corporate credibility, strengthen its financial position, and foster deeper engagement with governments, industry peers, and civil society organizations.
According to Afe, by formally supporting EITI, Seplat Energy has demonstrated clear industry leadership, improved its access to financing through transparent reporting practices, and positioned itself ahead of rapidly evolving investor and regulatory expectations. The affiliation, she emphasized, would also foster greater trust among stakeholders and reinforce the company’s dedication to responsible business practices across all operations.
“On a local scale, the EITI framework benefits the company by strengthening its social license to operate, mitigating investment risks, and supporting capacity-building initiatives. The initiative ensures a level playing field in the industry and promotes collaboration with key stakeholders,” Afe stated.
She further explained that by aligning with EITI’s rigorous standards, Seplat Energy continues to drive sustainable development throughout the energy sector while upholding fundamental principles of transparency, integrity, and long-term value creation.
The company remains committed to pursuing a Nigeria-focused growth strategy and is well-positioned to participate in future divestment programs by international oil companies, farm-in opportunities, and upcoming licensing rounds, according to the statement.
Afe affirmed that Seplat Energy’s Board of Directors maintains an unwavering commitment to sound corporate governance, ensuring strict compliance with both Nigerian and UK corporate governance regulations as well as international best practices. The Board will continue to adhere to the Corporate Governance Guidelines issued by the Securities and Exchange Commission, the Nigerian Code of Corporate Governance 2018, and the UK Corporate Governance Code 2024, issued by the UK Financial Reporting Council.
Source: thenationonlineng.net
