By Opeyemi Adelakun
The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal action against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil firm of failing to adequately explain and account for ₦211 trillion recorded in its 2023 audited financial statements.
According to court documents, the lawsuit, marked FHC/ABJ/CS/1427/2026 and filed before the Federal High Court in Abuja, seeks an order compelling the NNPCL to disclose all documents and information relating to the transactions recorded under “Sundry Receivables” and “Accrued Expenses” in its audited accounts.
SERAP argued that the company recorded ₦107.6 trillion as Sundry Receivables and ₦103.4 trillion as Accrued Expenses without providing sufficient details to enable public scrutiny of the transactions.
The organisation is asking the court to compel NNPCL to disclose the identities of debtors linked to the receivables, the amounts owed, the legal basis for the debts and the status of recovery efforts. It is also requesting details of creditors and beneficiaries connected to the accrued expenses, alongside documents supporting the legitimacy of the liabilities.
In the suit, SERAP maintained that Nigerians have a right to know how the country’s oil resources are managed, citing the Freedom of Information Act and the African Charter on Human and Peoples’ Rights as legal grounds for access to the information.
The organisation further argued that the absence of detailed disclosures undermines transparency, accountability and public confidence in the management of public resources, preventing citizens from independently verifying the transactions.
SERAP’s legal team, comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, stated that the combined entries account for more than ₦211 trillion in NNPCL’s 2023 audited financial statements but lack adequate explanations regarding their legal basis and supporting documentation.
No date has been fixed for the hearing of the suit.
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