By Joycelyn Ellakeche Adah
Seplat Energy Plc has called on Nigerian companies to strengthen corporate governance, transparency and stakeholder engagement to attract investors and unlock financing for business expansion.
The company’s Chief Financial Officer and Executive Director, Eleanor Adaralegbe, made the call at the Olaniwun Ajayi Structured Finance Roundtable in Lagos, where industry stakeholders discussed ways to overcome barriers to structured financing in Nigeria.
Speaking during a panel session titled “From Theory to Transactions: Overcoming Barriers and Scaling Structured Finance in the Nigerian Market,” Adaralegbe said investor confidence depended largely on the credibility of a company’s management and the strength of its governance framework.
“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 said Seplat Energy’s approach to working with financial institutions was built on transparency and partnership rather than simply presenting transactions for approval.
“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.”
Adaralegbe said the company’s governance practices, financial discipline and adherence to international reporting standards had helped it build relationships with lenders, investors and regulators.
She added that the company’s dual listing on the Nigerian Exchange Limited and the London Stock Exchange had strengthened its institutional processes by subjecting it to stringent disclosure and compliance requirements.
“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,” she stressed.
According to her, strong governance should be regarded as a business strategy rather than merely a regulatory requirement, particularly for companies seeking long term investment.
“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,” Adaralegbe added.
She also commended the Securities and Exchange Commission (SEC) for its engagement with the company and support for initiatives aimed at expanding financing opportunities.
The Director General of the SEC, Dr Emomotimi Agama, who delivered the roundtable’s keynote address, also called for stronger collaboration among regulators, legal practitioners, issuers and investors to deepen Nigeria’s capital markets and expand structured financing.
Agama said market participants should work together to identify regulatory challenges and propose reforms that would improve the financing environment.
“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,” he said.
He reaffirmed the commission’s commitment to investor protection while supporting financial innovation, noting that a balanced regulatory framework was important to the credibility and growth of Nigeria’s structured finance market.
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