Seplat Energy Joins Extractive Industries Transparency Initiative as Supporting Company

Peter Uzoho

Seplat Energy Plc, one of Nigeria’s leading indigenous energy companies, has become a registered Extractive Industries Transparency Initiative (EITI) Supporting Company.

In a statement issued yesterday, Seplat said it became the EITI Supporting Company in 2024, as recognized on the EITI website and across its communications platforms.

The Roger Brown-led company said the move reinforces Seplat’s commitment to transparency, accountability, and global best practices.

“This milestone was recognized on the EITI website and across its communications platforms.

“As an EITI Supporting Company, Seplat Energy promotes transparency in the extractive sector while contributing to the development of international governance standards.

This affiliation enhances corporate credibility, strengthens financial standing, and fosters greater engagement with governments, industry peers, and civil society”, Seplat said.

The statement noted that supporting the EITI enables Seplat Energy to demonstrate industry leadership, improve access to finance through transparent reporting, and stay ahead of evolving investor and regulatory expectations.

It maintained that the EITI also facilitates trust-building and reinforces the company’s commitment to responsible business practices.

On a local level, Seplat Energy said it benefits from the EITI framework by strengthening its social license to operate, reducing investment risks, and supporting capacity-building efforts.

The statement added: “The initiative promotes a level playing field for all industry players and enhances collaboration with key stakeholders.

“By aligning with EITI standards, Seplat Energy continues to drive sustainable development in the energy sector while upholding the principles of transparency, integrity, and long-term value creation.

“The Board of Directors of Seplat Energy says it is committed to sound corporate governance and ensures that the Company complies with the Nigerian and UK corporate governance regulations as well as international best practice.

“The Board is aware of 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 and ensures that the company complies with them.”