Chairman of Seplat Petroleum Development Company Limited, Dr. ABC Orjiako, has stressed the need for transparency in business and adherence to corporate governance global best practices as a corollary for increased investment.
Orjiako made the contribution as a panelist at the “Investor Risk in West Africa” Breakfast Session convened by FTI consulting in London on Fiday April 24. The session was chaired by the former Deputy Secretary General & Chief of Staff of the United Nations under Kofi Annan, Lord Malloch-Brown.
Orjiako noted that “when we speak about transparency and corporate governance in Nigeria, we should look from two perspectives; the previous period when the government did not play an active part in encouraging transparency and the current dispensation where the government is actively promoting the entrenchment of global best practices and the rule of law by tackling bribery and corruption and encouraging corporate governance best practices in corporate Nigeria.”
Making a connection between good corporate governance practices and investment growth, Orjiako noted that the present state of affairs has played a huge part in the increased inflow of foreign direct investment.
He also spoke about the ongoing divestment by the International Oil Companies (IOCs), arguing that the success of the still-evolving exercise is predicated, mostly, on transparency and adherence to corporate governance principles.
“The oil divestment has led to a lot of investment in the country with a lot of local banks playing active roles in providing financing support. The situation has also created new opportunities for companies like Seplat,” he said.