NEITI Hails Seplat Energy Entrance into EITI
The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed Seplat Energy Plc as the first independent, strictly private sector-led Nigerian company to join the Extractive Industries Transparency Initiative (EITI).
This milestone comes a few years after the NNPC Ltd., Nigeria’s national oil company, took a similar bold step, reaffirming the country’s commitment to openness and accountability in the extractive sector.
This is contained in a statement by NEITI Ag. Director, Communication and Stakeholders Management, Mrs Obiageli Onuorah, on Friday in Abuja. Onuorah commended Seplat Energy for demonstrating leadership in corporate transparency, accountability, and responsible resource governance.
She said by voluntarily aligning with the EITI’s global principles, Seplat Energy had reinforced its commitment to high standards of corporate governance, ethical business conduct, and sustainable development.
“As an EITI Supporting Company, Seplat Energy will 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.
“It is expected to support NEITI’s industry reforms and participate actively in policy engagements encourage contract transparency, beneficial ownership disclosure, and environmental, social, and governance reporting.
“Engage with stakeholders, including civil society, government, and other industry players, to foster trust and accountability.
“By joining the EITI, Seplat Energy stands to gain numerous advantages, including: Demonstrating a commitment to transparency and accountability elevates the company’s standing among industry peers and stakeholders,” she said.
She added that transparent operations could lead to increased trust from investors, potentially facilitating better access to finance while active engagement with governments, civil societies, and local communities could fosters trust and smoother operations.
On risk management, she said transparency in operations could help in identifying and mitigating risks related to corruption and governance issues. Onuorah said it would ensure that all companies adhere to the same transparency standards to promote fair competition.
“Seplat will 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 and NNPC Ltd. to enhance transparency in its operations.
“With this fundamental step, NEITI 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,” she said.
The decision by Seplat Energy to join the EITI is also a bold statement on the visible impacts of EITI implementation in Nigeria and the work of NEITI in fostering openness, efficiency, and value optimisation 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, Oil Producers Trade Section and the NEITI-Companies Forum.
