Seplat CFO says good governance opens financing doors for Nigerian firms
- Seplat Energy's finance chief told a Lagos roundtable that strong management and transparency help firms win investor trust.
- Eleanor Adaralegbe said Seplat treats lenders as partners rather than packaging deals for approval.
- SEC chief Emomotimi Agama called for closer cooperation among regulators, lawyers and investors to grow structured finance.
Companies that want to raise money through structured finance should first get their house in order, according to Eleanor Adaralegbe, Chief Financial Officer and Executive Director of Seplat Energy.
Speaking at the Olaniwun Ajayi Structured Finance Roundtable in Lagos, Adaralegbe said lenders and investors look closely at who runs a company before they commit funds. She spoke on a panel titled "From Theory to Transactions: Overcoming Barriers and Scaling Structured Finance in the Nigerian Market."
Her message matters for Nigerian businesses looking to fund expansion at a time when borrowing is costly and capital is hard to come by. Structured finance covers deals tailored to a specific project or cash flow, rather than plain bank loans.
Why lenders trust some firms more
Adaralegbe said the quality of a management team often decides whether a financing deal succeeds. She said investors have backed Seplat largely because they trust the people running it.
"At Seplat, we work with financiers as partners," she said.
She explained that the company does not dress up proposals just to win approval. Instead, it brings lenders into the process early so both sides understand what the money is for.
According to her, governance should be seen as a business advantage, not just a box to tick. She credited Seplat's dual listing on the Nigerian Exchange Limited and the London Stock Exchange with forcing discipline on the company, especially on disclosure.
She also praised the Securities and Exchange Commission (SEC) for working with the company on several initiatives over the years.
Regulator calls for teamwork
SEC Director-General Emomotimi Agama, who gave the keynote address, said regulators, lawyers, issuers and investors need to cooperate more to deepen the market.
He said law firms should be free to point out gaps in regulation and suggest fixes. "We must make this market better together because it is for the benefit of all of us," he said.
Agama said the SEC would keep protecting investors while allowing room for new products, arguing that balance is needed for the market to grow and stay credible.
What happens next
The roundtable was a discussion, not a policy announcement, so no new rules were unveiled. But the comments signal that the SEC wants closer engagement with market players as it weighs how far to open up structured finance.