The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, seeking an order compelling the company to explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
According to SERAP, the sum of ₦211.015 trillion appears under the categories “Sundry Receivables” and “Accrued Expenses” without sufficient details to enable public scrutiny of the transactions.
The suit, marked FHC/ABJ/CS/1427/2026 and filed last week, asks the court to direct NNPCL to disclose all documents relating to the entries in its 2023 audited accounts and provide a comprehensive explanation of the figures.
SERAP is asking the court to compel NNPCL to explain and reconcile the ₦107.6 trillion recorded as Sundry Receivables, identify the debtors, the amounts owed, the legal basis for the receivables, and the status of efforts to recover the funds. Also, to disclose documents relating to the ₦103.4 trillion listed as Accrued Expenses, identify the creditors and beneficiaries, explain the nature and legal basis of the liabilities, and provide supporting records establishing their legitimacy and the release of all documents and records used in preparing and approving the ₦211.015 trillion entries in the audited financial statements.
SERAP’s Argument
The organisation argued that there is an overriding public interest in making the information available, maintaining that NNPCL has a legal obligation to demonstrate that the figures are accurate, lawful and supported by credible documentation.
SERAP contended that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions, including NNPCL, to facilitate oversight of public resources.
According to the organisation, disclosure would:
•Promote transparency and fiscal accountability.
•Strengthen public oversight of oil revenues.
•Help prevent corruption.
•Enable Nigerians to assess how the country’s petroleum wealth is being managed.
The group said Nigerians have a right to know:
•Who owes the ₦107.6 trillion recorded as Sundry Receivables.
•Who is entitled to the ₦103.4 trillion listed as Accrued Expenses.
•The legal basis for the transactions.
•Whether the entries comply with applicable laws and financial accountability standards.
Meaning of the accounting entries
In the court filings, SERAP explained that:
•Sundry Receivables represent funds NNPCL claims are owed to it by individuals, companies or government entities but have not yet been received.
•Accrued Expenses are liabilities for goods, services or other obligations that have been incurred but remain unpaid.
SERAP argued that although these two entries total more than ₦211 trillion, the audited accounts do not adequately identify the parties involved, explain the legal basis of the transactions or provide sufficient supporting documentation for independent verification.
Filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, the suit maintains that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages petroleum resources on behalf of the federation.
The organisation also argued that the Petroleum Industry Act does not exempt NNPCL from its obligations to operate transparently and account for public resources.
SERAP further alleged that NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, which it said amounts to a refusal and justifies judicial intervention.
According to the advocacy group, secrecy surrounding the management of oil revenues undermines public trust, weakens the rule of law and is inconsistent with Nigeria’s constitutional provisions, financial regulations and international anti-corruption obligations.
No date has yet been fixed for the hearing of the case.
