…Reaffirms Seplat Energy’s commitment to strong governance, ESG and inclusion

By Eyo Nsima

The Chairman of Seplat Energy Plc, Senator Udoma Udo Udoma, has urged corporate boards across Nigeria to reposition themselves for the rapidly evolving global economy, stressing that decisions taken in boardrooms will have far-reaching implications for economic growth, job creation, innovation and national prosperity.

Delivering a keynote address titled, “Reimagining the Boardroom for Inclusive and Sustainable National Prosperity in the New Economy,” at the Chartered Institute of Directors (CIoD) 2026 Annual Directors Conference in Lagos, Udoma said companies, although private institutions, play critical roles in shaping the wider economy through their investment, employment, innovation and governance decisions.

According to him, Nigeria’s future will be shaped not only by decisions taken in government ministries, legislative chambers and policy forums, but also by those made in boardrooms across the country.

“Every time a board approves a major investment, it contributes to economic growth. Every time a board invests in people, it influences future leadership. Every time a board supports innovation, it strengthens competitiveness. Every time a board insists on integrity and accountability, it strengthens trust in the wider economy,” Udoma said.

He noted that technological change, artificial intelligence (AI), the energy transition, climate change, geopolitical developments and changing stakeholder expectations were transforming the business environment, making it imperative for directors to strengthen their capacity to respond to emerging challenges.

However, he stressed that the fundamental responsibilities of directors remained unchanged, urging them to maintain a firm understanding of their fiduciary duties and continually update their knowledge of corporate governance requirements as investors and regulators demand greater accountability.

On Environmental, Social and Governance (ESG) principles, Udoma maintained that sustainability remained central to corporate resilience, competitiveness and long-term value creation, despite changing international sentiments surrounding the subject.

“At Seplat, we are committed to ESG principles. We believe that we must integrate Environmental, Social and Governance considerations into strategic decision-making,” he said.

He added that ESG considerations continued to influence access to capital, investor confidence and operational resilience.

Udoma also identified diversity and inclusion as essential ingredients of an effective modern boardroom, explaining that differences in gender, expertise, experience, generation and perspective could strengthen decision-making and help directors identify risks and opportunities.

At Seplat Energy, women account for approximately 38.4 per cent of board membership and 45.5 per cent of the senior leadership team, reflecting the company’s commitment to translating diversity into stronger debate, decision-making and business performance.

He further emphasised that corporate responsibility extended beyond financial performance to creating meaningful and sustainable value for host communities.

Citing Seplat Energy’s Corporate Social Investment programmes, he highlighted its Eye Can See initiative, which has expanded access to eye healthcare across the company’s operational areas.

In Akwa Ibom State, more than 5,000 eye screenings have been conducted, 4,987 reading glasses distributed and approximately 221 surgeries performed since the programme was launched in September 2026.

Other interventions include the Youth Entrepreneurship Programme, investments in Science, Technology, Engineering and Mathematics (STEM) laboratories, the provision of electricity to 27 schools and hospitals across its operational areas, and the Tree for Life initiative, which supports environmental sustainability.

However, Udoma stressed that responsible corporate citizenship must go hand in hand with delivering competitive returns to shareholders.

“A successful company must deliver good returns to shareholders,” he said. “But the two are not mutually exclusive. A company can do both.”

He cited Seplat Energy’s financial and market performance as evidence of its ability to balance commercial success with responsible business practices.

The company recorded $2.764 billion in revenue and $1.530 billion in adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) in the first nine months of 2026, while its share price on the Nigerian Exchange appreciated by more than 700 per cent over the past three years.

Looking ahead, Udoma identified artificial intelligence, cybersecurity and the rapid expansion of social media as critical issues requiring greater attention from corporate boards.

He warned that social media had fundamentally changed the speed and scale at which corporate reputational challenges could emerge, noting that minority shareholders and other stakeholders could now mobilise rapidly and influence corporate discourse.

He said this development made digital and social media literacy increasingly important at board level.

On artificial intelligence, Udoma argued that companies whose boards developed adequate AI, data and digital transformation capabilities would be better positioned to exploit emerging opportunities and manage associated risks.

According to him, AI could improve directors’ ability to scrutinise management information, analyse board materials, evaluate proposals and undertake scenario planning.

However, he cautioned that boards must also address cybersecurity threats, data breaches, AI-related risks and the dangers of overdependence on similar AI-generated information.

“The potential impact of AI is real. These are still relatively early days, and I do not know the exact manner board operations will be changed by AI. But one thing I do know is that the changes will be major. We should prepare for them,” he said.

Udoma concluded that boards capable of combining strong governance, ESG principles, diversity, responsible corporate citizenship and shareholder value creation with technological agility would be better positioned to succeed in the new economy.

He added that organisations that respond quickly and responsibly to AI, social media and other emerging disruptions would be better equipped to contribute to inclusive and sustainable national prosperity.