Seplat Energy joins EITI supporting company
Seplat Energy Plc., Nigeria’s leading indigenous energy company, has formally joined the Extractive Industries Transparency Initiative (EITI) as a Supporting Company in 2024. This move reinforces the company’s commitment to transparency, accountability, and global best practices, a milestone recognized on the EITI website and communication platforms.
Chioma Afe, Seplat’s Director of External Affairs and Social Performance, in a statement, said as an EITI Supporting Company, Seplat Energy would actively promote transparency in the extractive sector while contributing to the development of international governance standards, the company announced in a statement on Thursday.
According to her, this affiliation would enhance the company’s corporate credibility, strengthen its financial position, and foster deeper engagement with governments, industry peers, and civil society.
By supporting EITI, Seplat Energy demonstrates industry leadership, improves access to finance through transparent reporting, and stays ahead of evolving investor and regulatory expectations. The affiliation, she added would also foster trust and reinforces the company’s dedication to responsible business practices.
“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.
By aligning with EITI standards, Seplat Energy continues to drive sustainable development in the energy sector while upholding principles of transparency, integrity, and long-term value creation”, Afe stated.
She said the company would continue to pursue a Nigeria-focused growth strategy and was well-positioned to participate in future divestment programmes by the international oil companies, farm-in opportunities, and future licensing rounds.
The Director of External Affairs and Social Performance said Seplat Energy’s Board of Directors would remain committed to sound corporate governance, ensuring compliance with Nigerian and UK corporate governance regulations as well as international best practices.
The Board will 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, Afe added.
