Seplat Petroleum Development Company has spent a total sum of $66.69 million on Corporate Social Responsibility (CSR) between 2010 and 2019.
This is according to a recent report by the firm tagged “Seplat Petroleum Development Company – 2019 Sustainability Report,” made available on the Nigeria Stock Exchange platform.
Nairametrics gathered that Seplat Petroleum had spent the aforementioned sum on five key areas – Education, Healthcare, Economic Empowerment, Infrastructure Development, and Environmental Stewardship.
The breakdown of CSR spending across the aforementioned areas is as follows:
- Education: Seplat petroleum in 2019 awarded 201 university scholarships and bankrolled over 860 schools in the PEARL QUIZ competition, spending over N11.9 million as prize money to winning schools and students.
- Healthcare: In the last one year, Seplat Petroleum performed over 615 cataract eye surgeries, distributed 5,400 reading glasses, treated 15,690 patients with eye diseases and impacted 3,500 pregnant women.
- Economic empowerment: Seplat trained over 133 youths on various skills, engaged community vendors and built/renovated market stalls to encourage women in commerce.
- Infrastructure Development: Seplat Petroleum had invested in 55 community development projects in 2019, with 31 projects completed and 24 projects ongoing.
- Environmental stewardship: The firm developed a new HSE policy for the company to reflect this focus. It also worked on initiatives aimed at reducing flaring and GHG emissions.
Why it matters
CSR provides an avenue for the firm to compensate the society for the privilege and opportunity it was provide with. It is an essential inequality tool aimed at improving the social welfare of the people, boosting the brand’s reputation and ensuring the overall maximization of pleasure and benefit for the people.