Seplat Energy Commits To Financial Transparency In The Oil And Gas Sector, Joins Extractive Industries And Transparency Initiative, (EITI) As Supporting Company

Nigeria’s leading indigenous energy company, Seplat Energy Plc, in 2024 according to a press statement released by the company on thursday, april 3rd, became a registered EITI Supporting Company, reinforcing the Company’s commitment to transparency, accountability, and global best practices. This milestone according to the statement was recognized on the EITI website and across all its communications platforms.

As an EITI Supporting Company, Seplat Energy the statement further noted promotes transparency in the extractive sector while also 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.

The indegenous energy company said Supporting the EITI enables Seplat Energy to demonstrate industry leadership, improve access to finance through transparent reporting, which enables it stay ahead of evolving investor and regulatory expectations. It also facilitates trust-building and reinforces the company’s commitment to responsible business practices.

On a local level, Seplat Energy the statement also declared benefits from the EITI framework by strengthening its social license to operate, reducing investment risks, and supporting capacity-building efforts. The initiative according to the press statement 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 from the release remains committed to sound corporate governance which 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.