Seplat strengthens stakeholder engagement as part of governance overhaul

Seplat Energy, the dual-listed Nigerian oil and gas producer, has introduced structured engagement channels to ensure that shareholders, regulators, employees, and host communities have clearer avenues to raise concerns and provide input into the company’s governance and sustainability practices.

The move, disclosed in Seplat’s Nigerian Code of Corporate Governance (NCCG) Compliance Report for the year ended December 2024, forms part of a broader governance overhaul designed to reinforce transparency and align the company with international best practices.

The compliance report was formally signed off by Roger Brown, Seplat’s Chief Executive Officer, and Emmanuel N. Otokhine, the company’s Company Secretary.

The filing emphasised that the new stakeholder engagement framework aims to institutionalise two-way communication, giving key stakeholders regular access to board-level governance discussions.

This is particularly significant given recent legal challenges and leadership transitions that have heightened external scrutiny of the company’s governance processes.

In addition to enhanced engagement, the company detailed steps taken across several governance pillars, including:

Maintaining a majority non-executive board, with independent directors holding key roles, including the chairmanship, to ensure objective oversight.

Conducting a comprehensive external board performance evaluation, focused on strategic oversight, risk management, and succession planning.

Strengthening the mandates of its Audit and Risk Management Committees, ensuring robust financial controls and independent risk assessments.

Expanding governance and industry training for board members to keep pace with regulatory and market developments.

The company’s dual listing in Lagos and London requires it to meet the expectations of both the Nigerian Code of Corporate Governance and the evolving governance standards expected by international investors.

The governance compliance report, signed and submitted by Brown and Otokhine on behalf of the board, will be tabled at Seplat’s 2025 Annual General Meeting. It is expected to attract particular attention from institutional investors, many of whom have raised concerns about governance standards in Nigeria’s extractive industries.

By proactively disclosing these steps, Seplat appears keen to rebuild investor confidence and position itself as a more transparent and stakeholder-conscious player in Nigeria’s increasingly complex oil and gas landscape.

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