By Abdul Yinusa
National News – The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil firm of failing to explain and account for over ₦211 trillion recorded in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses.”
The development was disclosed in a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday.
According to the organisation, NNPCL listed ₦211,015,245,000,000 in its 2023 audited accounts as “Sundry Receivables” and “Accrued Expenses” without providing adequate details or supporting documents to enable public scrutiny.
The suit, marked FHC/ABJ/CS/1427/2026, was filed last week at the Federal High Court in Abuja. SERAP is seeking an order compelling NNPCL to fully account for the funds and release all documents relating to the transactions.
The group is also asking the court to direct NNPCL to provide a comprehensive explanation and reconciliation of the ₦107.6 trillion recorded as “Sundry Receivables,” including the identities of debtors, amounts owed, legal basis for the receivables and the status of recovery efforts.
In addition, SERAP wants the court to compel the oil company to disclose a detailed breakdown of the ₦103.4 trillion recorded as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and supporting documents establishing their legitimacy.
The organisation further requested that NNPCL release all records relied upon in preparing and approving the ₦211 trillion entries in its 2023 audited financial statements.
SERAP argued that there is an overriding public interest in the disclosure of the information, stressing that NNPCL has a legal obligation to explain and account for the huge sums and demonstrate that the entries are accurate, lawful and supported by credible documentation.
It maintained 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 promote transparency, prevent corruption and strengthen fiscal accountability.
According to the organisation, Nigerians have the right to know who owes the ₦107.6 trillion, who is entitled to the ₦103.4 trillion in accrued expenses, the legal basis for the transactions and whether they comply with applicable laws and public accountability standards.
SERAP explained that “Sundry Receivables” refer to funds the company claims are owed to it by individuals, companies or government entities but have not yet been received, while “Accrued Expenses” are liabilities for goods, services or other obligations incurred but yet to be paid.
The group argued that the audited financial statements do not adequately explain the transactions or provide sufficient supporting documents for independent public verification.
It further stated that NNPCL remains 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, adding that the Petroleum Industry Act does not exempt the company from transparency and accountability obligations.
SERAP also alleged that NNPCL failed to respond to its Freedom of Information request within the statutory period, describing the silence as a refusal under the Act and justifying the legal action.
According to the organisation, greater transparency in the management of Nigeria’s oil revenues is essential to combating corruption, safeguarding public resources and ensuring that the nation’s wealth benefits its citizens.
No date has been fixed for the hearing of the case.
The lawsuit comes amid increasing calls by civil society organisations for greater transparency and accountability in the management of Nigeria’s oil revenues since the implementation of the Petroleum Industry Act.
