Ethics and transparency
Our Board of Directors recognizes that driving continuous improvements in our ESG performance requires an eﬀective sustainability governance structure and a robust approach.
It has continued to provide direct oversight for the Company's sustainability commitments, actions, and outcomes. It has also continued to keep us abreast of our progress in our sustainability journey and of possible ways the triple bottom line developments may impact our business interests and our stakeholders. This is one sure way of achieving the 2030 United Nation’s SDGs.
We integrate human rights considerations, labour laws, equal opportunity principles, and good ethical conduct, among others in our recruitments, procurements, community relations and relationships with governments. We promote mutual respect as well as a free and fair work environment that encourages freedom and enhances productivity. In addition, our work culture encourages openness, freedom of expression, creativity, high productivity, unbiased appraisal system and a fair reward system.
Respecting Human Rights, Seplat endorses international agreements and protocols including the United Nations guiding Principles on Business and Human Rights, and we are committed to respecting the rights of stakeholders in all our operations and business conduct.
Code of Business Conduct
The Board has adopted a Code of Business Conduct (CoBC), which outlines the ethical framework under which Seplat conducts business – with the highest standards of ethics, accountability, and transparency. The CoBC has been designed into an easy-to-read format and is an implied contract between the Company and its employees, contract staff and business partners to conduct business with the highest ethical standards. The Board has reviewed and restructured the COBC to provide for the following – (i) The Code (which summarises the principles and values by which the Company conducts its business); (ii) The Charge (which requires directors, employees and contractors to embrace the enshrined ethical values of the Code); (iii) Personal Commitment Statement (which models a top-down commitment to professional business and ethical standards from directors, to employees and contractors and which everyone is expected to subscribe to by appending their signatures); (iv) The Code of Business Conduct Policy (which states the principles and values that the Code should embody, including guidance notes) (v) The Code’s Practice Guide; and (vi) Frequently Asked Questions (FAQs), which states examples of dilemmas that could arise in the course of carrying out work for and on behalf of Seplat. The reviews carried out are all in line with the NCCG, UK principles and recommended practices.
Anti-Bribery and Corruption Policy
The Board has adopted an Anti-Bribery and Corruption Policy which is updated from time to time. The Policy demonstrates Seplat’s zero tolerance and commitment to the eradication of bribery and corruption. It prohibits payment or receipt of facilitation payments, misappropriation, ‘kickbacks and blackmail/extortion’. It also sets the parameters under which Directors and employees may give or receive gifts and hospitality, deal with public officials, and make political and charitable donations. The Policy includes reporting, documentation, and whistleblowing provisions as well as provisions regarding the Company’s zero tolerance and disciplinary action for any violation.
The Board has adopted an Anti-Fraud Policy which provides Seplat Energy stakeholders with relevant guidance on how to recognise and deal with fraud, the responsibilities of employees, Directors and third parties in upholding Seplat Energy's position regarding fraud and misconduct, mechanisms for prevention, detection and response to possible fraud and misconduct in Seplat Energy’s operations; and how to foster a culture of integrity, transparency, thereby enhancing anti-fraud culture within Seplat Energy. The Policy covers transactions conducted by Seplat Energy, with Seplat Energy or on behalf of Seplat Energy and states the responsibilities of each stakeholder. The Policy states potential indicators of fraud, protection of whistleblowers, fraud risk management strategy, reporting of fraud to law enforcement agency(-ies) and applicable consequent management following investigation findings.
Supply Chain Management
To support Seplat Energy's growing business activities and ensure prompt and cost-eﬃcient delivery of materials and achievement of our commercial goals, requires eﬀective supply chain management and logistic support across the supply chain. Execution of contracts and supplies of materials for both drilling activities and gas production operations are well covered.
Our supply chain management and contracting approach has facilitated the growth of local vendors and contractors in Nigeria. As a matter of policy, a deliberate eﬀort is made to encourage and develop contractors and vendors from local communities who have the competences to deliver relevant projects. This has helped in enhancing the revenue generation capabilities of local vendors and their potential to impact their various communities.
Successfully engage with, employees’ shareholders, host communities, business partners, suppliers, the government, and other critical stakeholders.