The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to the Federal High Court in Abuja, seeking a court order to compel the oil giant to fully account for over N211 trillion recorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements.
In the suit marked FHC/ABJ/CS/1427/2026, filed last week, SERAP is asking the court to issue an order of mandamus directing the NNPCL to disclose all relevant documents and provide a detailed explanation of the massive entries.
The group noted that the NNPCL recorded approximately N107.6 trillion under “Sundry Receivables” and N103.4 trillion under “Accrued Expenses” together totaling over N211 trillion without adequate details on the transactions.
This lack of transparency, SERAP argues, prevents Nigerians from scrutinising how the funds were handled.
SERAP is specifically seeking:
A detailed reconciliation of the N107.6 trillion in sundry receivables, including the identities of debtors, amounts owed, legal basis for the debts, and the status of recovery efforts.
A full breakdown of the N103.4 trillion in accrued expenses, including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and supporting documents.
All records used in preparing and approving these entries in the 2023 financial statements.
The rights organisation emphasised that there is an overriding public interest in the disclosure, stressing that the NNPCL has a legal duty under the Freedom of Information Act and the African Charter on Human and Peoples’ Rights to operate transparently.
“NNPCL remains fully subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages Nigeria’s petroleum resources on behalf of the Federation,” SERAP argued.
“The funds involved are public funds, and Nigerians have a right to know who owes the money, who is to be paid, and whether these entries are lawful.”
The group added that the NNPCL failed to respond to its Freedom of Information request, which under the Act is deemed a refusal. No date has been fixed for the hearing of the suit.
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