Seplat: Strong Corporate Governance Key to Unlocking Structured Financing
Highlights transparency, collaboration as drivers of investor confidence
Emmanuel Addeh in Abuja
Seplat Energy Plc has identified strong corporate governance, transparency and stakeholder collaboration as critical to unlocking structured financing opportunities for Nigerian businesses, urging companies to embrace global best practices to attract investment and sustain growth.
The company’s Chief Financial Officer (CFO) and Executive Director, Eleanor Adaralegbe, stated this at the Olaniwun Ajayi Structured Finance Roundtable in Lagos, where she highlighted how Seplat’s governance framework, management credibility and transparent engagement with financiers had helped it attract capital to support its expansion.
Speaking during a panel session themed, “From Theory to Transactions: Overcoming Barriers and Scaling Structured Finance in the Nigerian Market,” Adaralegbe said investor confidence depended largely on the credibility of a company’s leadership and the strength of its governance structures.
“I think one of the most fundamental things for the success of structured financing is the management team. The role of a management team is unbelievable. I’ve found in my journey with the company that this has been one area where a lot of people have invested in us because they believe in the management team,” she said.
She explained that Seplat approached financing institutions as partners, prioritising transparency and a shared understanding of its business objectives rather than simply presenting proposals to secure approvals.
“At Seplat, we work with financiers as partners. We don’t try to package a deal so that they can approve it. We work with them to ensure there’s a general understanding of what we’re trying to achieve, and we carry them along in our process,” she said.
According to her, the company’s commitment to sound governance, disciplined financial management and international reporting standards had helped it establish lasting relationships with lenders, investors and regulators, strengthening its access to local and international capital.
Adaralegbe maintained that governance should be viewed as a strategic business advantage rather than merely a compliance requirement, particularly for companies seeking long-term financing for major investments.
“The quality of our governance, the strength of our management team and our willingness to engage openly with stakeholders have enabled us to build credibility in the market. Governance is not just a compliance exercise; it is a strategic enabler that gives investors and lenders confidence to support long-term growth,” she said.
She also credited Seplat’s dual listing on the Nigerian Exchange Limited and the London Stock Exchange with strengthening its institutional processes and investor confidence.
According to her, complying with the requirements of both markets instilled greater discipline in the company’s operations, particularly in governance and disclosure.
“The regulators and listing authorities helped shape us as a company because we had to meet listing requirements in both Nigeria and London. There was a discipline that we had to build into how we operated as a business, and that really helped us,” she said.
Adaralegbe added that the stringent governance and disclosure obligations associated with its London listing had been particularly beneficial in building the company’s institutional capacity.
She also commended the Securities and Exchange Commission (SEC) for supporting innovation and capital formation, noting that engagement with the regulator had helped Seplat pursue several initiatives over the years.
In his remarks, the Director General of the SEC, Emomotimi Agama, who delivered the keynote address at the roundtable, similarly called for greater cooperation among regulators, legal practitioners, issuers, investors and other market participants to deepen Nigeria’s capital markets and expand structured financing.
Agama said collaboration was necessary to address regulatory challenges, improve the operating environment and develop financing solutions capable of supporting economic growth.
“We must work together. There is nothing wrong with our law firms identifying challenges in regulation and proposing ways to improve the regulatory framework. We must make this market better together because it is for the benefit of all of us,” he said.
He reaffirmed the commission’s commitment to protecting investors while encouraging innovation, stressing that an appropriate balance between regulation and market development was essential to the credibility and growth of Nigeria’s structured finance market.
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