Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed Seplat Energy Plc into the Extractive Industries Transparency Initiative (EITI).
NEITI said the milestone comes just a few years after NNPC Limited, Nigeria’s national oil company, took a similar bold step, reaffirming the country’s commitment to openness and accountability in the extractive sector.
On Thursday, Seplat announced its membership of EITI, the first independent, strictly private sector-led Nigerian company to join the EITI, reinforcing the Company’s commitment to transparency, accountability, and global best practices.
Reacting to the announcement yesterday, NEITI commended Seplat Energy for demonstrating leadership in corporate transparency, accountability, and responsible resource governance.
It said by voluntarily aligning with the EITI’s global principles, Seplat Energy has reinforced its commitment to high standards of corporate governance, ethical business conduct, and sustainable development.
The agency explained that as an EITI Supporting Company, Seplat Energy would be expected to: Publicly endorse and promote EITI principles in Nigeria and globally. Disclose material payments and other financial transactions in line with EITI’s reporting standards. Support NEITI’s industry reforms and participate actively in policy engagements. Encourage contract transparency, beneficial ownership disclosure, and environmental, social, and governance (ESG) reporting, and Engage with stakeholders, including civil society, government, and other industry players, to foster trust and accountability.
NEITI highlighted the benefits Seplat Energy stands to gain from becoming a Supporting Company to include Enhanced Reputation: Demonstrating a commitment to transparency and accountability elevates the company’s standing among industry peers and stakeholders.
Improved Investor Confidence: Transparent operations can lead to increased trust from investors, potentially facilitating better access to finance.
Strengthened Stakeholder Relationships: Active engagement with governments, civil society, and local communities fosters trust and facilitates smoother operations.
Risk Mitigation: Transparency in operations helps in identifying and mitigating risks related to corruption and governance issues.
Level Playing Field: Ensuring that all companies adhere to the same transparency standards promotes fair competition.
The agency added that Seplat would be joining other Notable companies that have embraced the EITI as supporting entities including
Pertamina: Indonesia’s state-owned oil and gas company, and the first in Southeast Asia to support EITI.
NNPC Ltd: Nigeria’s national oil company, which joined the EITI to enhance transparency in its operations.
NEITI said with this fundamental step, it expects other indigenous companies in the oil, gas, and solid minerals sectors to emulate the bold and courageous example set by Seplat Energy by embracing the EITI as a Supporting Company.
“This is a common practice among resource-rich countries in the developed world and remains a key indicator of corporate responsibility in the extractive sector,” NEITI added.
It said the decision by Seplat Energy to join the EITI was also a bold statement on the visible impacts of EITI implementation in Nigeria and the work of NEITI in fostering openness, efficiency, and value optimization in the industry.
“This development presents a significant opportunity for Seplat Energy to deepen its collaboration with NEITI through structured engagements under the NEITI National Stakeholders Working Group (NSWG), the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry, and the NEITI-Companies Forum. These platforms will enable the company to contribute to shaping Nigeria’s extractive sector policies and reforms,” the agency said.
It said it looks forward to working closely with Seplat Energy in advancing transparency, improving resource management, and ensuring that Nigeria’s extractive resources translate into sustainable benefits for its citizens.
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