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Seplat Energy Plc has identified strong corporate governance, transparent business practices and credible management as critical factors determining companies’ ability to attract financing and sustain growth in Nigeria’s energy sector.
The company’s Chief Financial Officer and Executive Director, Eleanor Adaralegbe, stated this at the Olaniwun Ajayi Structured Finance Roundtable in Lagos with the theme: “From Theory to Transactions: Overcoming Barriers and Scaling Structured Finance in the Nigerian Market.”
She said investors and lenders were more likely to commit capital to businesses whose management teams demonstrated integrity, openness and a clear understanding of their financing needs.
Adaralegbe said companies seeking structured financing must build trust with financiers rather than focus solely on packaging transactions to secure approvals. According to her, Seplat Energy’s experience shows that the credibility of its management team and its willingness to engage transparently with financial partners have played significant roles in securing funding for its operations and growth ambitions. “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.
Adaralegbe explained that Seplat approaches financiers as partners, involving them in its plans and ensuring a shared understanding of proposed transactions instead of presenting deals solely to obtain 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,” she said.
She added that corporate governance should be regarded as a strategic business tool rather than merely a regulatory obligation, given its role in strengthening investor confidence and improving access to capital.
“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.
Adaralegbe attributed part of Seplat’s governance development to its dual listing on the Nigerian Exchange Limited and the London Stock Exchange, which subjected the company to disclosure requirements and regulatory standards in both markets.
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She said the obligations had strengthened the company’s institutional framework and instilled greater discipline in its operations.
“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 also commended the Securities and Exchange Commission (SEC) for supporting market development and creating opportunities for companies to explore financing solutions.
“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.
In his keynote address, SEC Director-General, Dr Emomotimi Agama, called for stronger collaboration among regulators, legal practitioners, companies, investors and other capital market participants to deepen Nigeria’s capital market and expand the use of structured finance.
Agama said stakeholders must work collectively to address regulatory challenges, improve market practices and develop financing solutions capable of supporting 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,” he said.
He reaffirmed the commission’s commitment to investor protection and market innovation, stressing the need for a balanced regulatory framework that would sustain confidence and encourage the development of Nigeria’s structured finance market.
