Report By Anthony Ebigie, Lagos, Nigeria
The Chairman of Seplat Energy Plc, Senator Udoma Udo Udoma, has called on corporate boards across Nigeria to reposition themselves for a rapidly changing global economy, anchoring his call on the direct implications of boardroom decisions in shaping economic growth, jobs, innovation, and national prosperity.
Delivering the keynote address at the Chartered Institute of Directors (CIoD) 2026 Annual Directors Conference in Lagos, on the theme: “Reimagining the Boardroom for Inclusive and Sustainable National Prosperity in the New Economy”, Udoma said although companies are private institutions, their decisions on investment, employment, innovation, and governance have far-reaching effects on the wider economy.
“Every time a board approves a major investment, it contributes to economic growth. Every time a board invests in people, it influences future leadership. Every time a board supports innovation, it strengthens competitiveness. Every time a board insists on integrity and accountability, it strengthens trust in the wider economy.” He said
According to him, Nigeria’s future will be shaped not only by decisions in ministries and legislative chambers, but also by decisions made in boardrooms across the country.
The seplat chairman who noted that technological change, artificial intelligence (AI), energy transition, climate change, geopolitical shifts, and changing stakeholder expectations are already transforming businesses, however stressed that the fundamental responsibilities of directors have yet to change.
He urged directors to maintain a firm grasp of their expected duties and continually refresh their knowledge of corporate governance, as investors and regulators increasingly demand accountability from boards and individual directors.
Udoma defended Environmental, Social and Governance (ESG) principles, arguing that despite changing international sentiment, sustainability remains critical to resilience, competitiveness, and long-term value.
“At Seplat, we are committed to ESG principles. We believe that we must integrate Environmental, Social and Governance considerations into strategic decision-making.”
He also highlighted diversity and inclusion as essential for a modern boardroom, noting that diversity in gender, expertise, experience, generation, and perspective strengthens decision-making and helps boards spot risks and opportunities faster.
While noting that women currently maintain 38.4% board membership at seplat, and 45.5% of the senior leadership team, Udoma said this diversity translates into stronger debate, better decisions, and better business outcomes.
Udoma further stressed that businesses must create meaningful value for communities, while also delivering competitive returns to shareholders.
“A successful company must deliver good returns to shareholders. But the two are not mutually exclusive. A company can do both.” He noted
He cited Seplat’s Corporate Social Investment programmes to include the “Eye Can See initiative”, where over 5,000 eye screenings were conducted in Akwa Ibom State, with 4,987 reading glasses issued, and about 221 surgeries carried out since launch in September 2026
Youth Entrepreneurship Programme and investments in STEM laboratories, including the “Tree for Life initiative” for environmental sustainability amongst other CSR initiatives.
Udoma pointed to Seplat’s recent performance as proof that commercial success and responsible business can go together.
According to him, the first nine months of 2026, the company recorded a revenue of about $2.764 billion, ADJUSTED EBITDA, of $1.530 billion, while
Share price on NGX moved up more than 700% over the past three years
Udoma who identified AI, cybersecurity, and social media as issues boards can no longer ignore, warned that social media has changed the speed and scale at which reputational issues develop, with minority shareholders and other stakeholders now able to mobilise rapidly.
“The potential impact of AI is real. These are still relatively early days, and I do not know the exact manner board operations will be changed by AI. But one thing I do know is that the changes will be major. We should prepare for them.”
He said boards that build AI, data, and digital transformation capabilities will be better positioned to capture opportunities and manage risks.
AI, he said, can help directors interrogate management information, analyse board papers, stress-test proposals, and do scenario planning. But boards must also confront cyber threats, data breaches, AI-related risks, and overdependence on similar AI-generated information.
Boards that combine strong governance, ESG, diversity, responsible corporate citizenship, and shareholder value with technological agility according to him will succeed in the new economy, while those that respond quickly and responsibly to AI, social media, and other disruptions will be better equipped to contribute to inclusive and sustainable prosperity for Nigeria he concluded.
