Corporate Governance Key To Unlocking Structured Financing To Boost Nigeria’s Energy Sector- Adaralegbe

Corporate governance and stakeholder collaboration have been identified as key to unlocking structured financing opportunities and accelerating sustainable growth across Nigeria’s energy sector.

Speaking at the Olaniwun Ajayi Structured Finance Roundtable in Lagos, Seplat Energy’s Chief Financial Officer and Executive Director, Eleanor Adaralegbe, called on companies, particularly industry pioneers, to embrace openness and strong governance standards to build investor confidence and create pathways for successful financing transactions.

Adaralegbe made the remarks during a panel session themed,”From Theory to Transactions: Overcoming Barriers and Scaling Structured Finance in the Nigerian Market.”

According to her, trust remains the foundation of every successful financing arrangement, and the reputation of a company’s leadership and governance framework plays a decisive role in attracting capital.

“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 noted that beyond management credibility, Seplat Energy’s commitment to transparency and partnership has enabled the company to cultivate enduring relationships with financial institutions, regulators and investors.

“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 explained.

Adaralegbe highlighted that Seplat Energy’s governance journey has been instrumental in shaping the company’s financing success story. Since its inception, the company has built a reputation for robust corporate governance, disciplined financial management and adherence to global reporting standards, positioning it as one of Africa’s most respected independent energy companies.

The company’s commitment to governance has earned widespread recognition, including industry awards and commendations for maintaining a strong governance framework and implementing international best practices. Seplat Energy has also continued to strengthen its Environmental, Social and Governance (ESG) architecture, which supports long-term value creation for stakeholders while promoting responsible business operations.

According to Adaralegbe, these governance credentials have helped the company access significant pools of capital required to fund its growth ambitions and strategic investments.

Over the years, Seplat Energy has established a strong track record in the debt and capital markets, raising substantial financing to support the development and expansion of its operations while maintaining prudent leverage levels. The company’s ability to attract funding from a broad range of local and international lenders and investors has been underpinned by its transparent operating model, strong governance culture and proven execution capability.

“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 further explained that Seplat’s dual listing on the Nigerian Exchange Limited (NGX) and the London Stock Exchange imposed stringent compliance obligations that strengthened the company’s institutional framework and enhanced investor confidence.

“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. Being listed in London was particularly beneficial because of the stringent governance and disclosure obligations that we had to comply with,” Adaralegbe stated.

She also commended the Securities and Exchange Commission (SEC) for fostering an enabling environment for innovation and capital formation.

“The SEC has been amazing with us because we engaged them, and they’ve done a lot of projects with us, enabling us to do many of the things we’ve accomplished over the years,” she added.

The roundtable’s keynote address was delivered by the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, who emphasized the importance of collaboration among market participants in deepening Nigeria’s capital markets and expanding structured finance solutions.

He called on regulators, legal practitioners, issuers, investors and other stakeholders to work together to strengthen the ecosystem and unlock the full potential of structured financing as a catalyst for 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,” Agama said.

He reiterated the SEC’s commitment to protecting investors while supporting market innovation, noting that a balanced regulatory framework would be essential to ensuring the continued growth and credibility of Nigeria’s structured finance market.