Seplat Energy Plc has joined the Extractive Industries Transparency Initiative (EITI) as a registered Supporting Company for 2024, signaling a strengthened commitment to transparency, accountability, and adherence to global best practices within the extractive sector. Officially recognized on the EITI website and communication channels, this move reinforces Seplat Energy’s dedication to contributing to the development of international governance standards, as the company stated in a recent press release.
Becoming an EITI Supporting Company offers multiple benefits. It enhances Seplat Energy’s corporate credibility, strengthens its financial standing by fostering transparent reporting, and facilitates deeper engagement with governments, industry peers, and civil society organizations. By embracing the EITI framework, Seplat Energy demonstrates industry leadership, improves access to finance, and proactively adapts to evolving investor and regulatory expectations. Ultimately, this partnership cultivates trust and underscores the company’s commitment to responsible business practices.
Furthermore, Seplat Energy anticipates tangible benefits at the local level. The EITI framework is expected to bolster the company's social license to operate, mitigate investment risks, and support capacity-building initiatives. By promoting fairness within the extractive industry, this affiliation is poised to foster stronger collaboration with key stakeholders.
Underpinning this commitment to transparency is a robust corporate governance framework. Seplat Energy's Board of Directors has affirmed its dedication to adhering to Nigerian and UK corporate governance regulations, alongside international best practices. The Board is keenly aware of, and committed to compliance with, the Corporate Governance Guidelines issued by the Securities and Exchange Commission, the Nigerian Code of Corporate Governance 2018 issued by the Financial Reporting Council of Nigeria, and the UK Corporate Governance Code 2024 issued by the UK Financial Reporting Council, emphasizing its unwavering focus on strong governance and ethical business conduct.