- SERAP sued NNPCL over ₦211tn financial entries
- It wants full disclosure of the records
- The group cited transparency and accountability
The Socio-Economic Rights and Accountability Project (SERAP) has instituted a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, seeking explanations over more than ₦211 trillion recorded in the company’s 2023 audited financial statements.
Eko Hot Blog gathered that the suit, filed under case number FHC/ABJ/CS/1427/2026, challenges what SERAP described as insufficient disclosure surrounding financial entries classified as “Sundry Receivables” and “Accrued Expenses.”
According to the organisation, the audited accounts listed ₦107.6 trillion under sundry receivables and ₦103.4 trillion as accrued expenses, but failed to provide adequate details to allow public scrutiny of the transactions.
SERAP is asking the court to compel NNPCL to disclose documents explaining the nature of the entries and provide a full reconciliation of the amounts contained in its 2023 financial statements.
Specifically, the group wants the company to identify individuals, organisations or government agencies linked to the ₦107.6 trillion receivables, indicate how much each party owes, explain the legal basis for the debts and provide updates on efforts made to recover the funds.
The advocacy organisation is also requesting records relating to the ₦103.4 trillion accrued expenses, including the names of creditors and beneficiaries, the purpose of the liabilities, the legal justification for the obligations and documents supporting the transactions.
In addition, SERAP is seeking an order directing NNPCL to release all records used in preparing and approving the financial entries questioned in the lawsuit.
The organisation argued that Nigerians have a legitimate interest in understanding how the country’s oil revenues are managed and maintained that NNPCL has a legal responsibility to demonstrate that the figures reported in its accounts are accurate, lawful and supported by credible evidence.
SERAP relied on the Freedom of Information Act and the African Charter on Human and Peoples’ Rights, arguing that both laws guarantee citizens access to information held by public institutions, including government-owned companies.
According to the group, making the records public would strengthen transparency, improve accountability, discourage corruption and enable citizens to properly monitor the management of national resources.
The organisation further maintained that the public deserves to know who owes the ₦107.6 trillion, who is entitled to receive the ₦103.4 trillion, the legal basis for both financial entries and whether the transactions comply with existing financial and accountability regulations.
SERAP’s legal team, comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, explained that sundry receivables refer to money NNPCL claims is owed by individuals, companies or public institutions but has not yet been collected.
It added that accrued expenses represent financial obligations the company says it has already incurred for goods or services but has yet to settle.
The group argued that together, the two entries account for more than ₦211 trillion, yet the audited statements do not sufficiently identify the parties involved or provide documentation that would allow independent verification.
SERAP also insisted that despite its commercial status under the Petroleum Industry Act, NNPCL remains fully owned by the Federal Government and therefore remains subject to the Freedom of Information Act and public accountability requirements.
The organisation further alleged that the oil company failed to respond to its Freedom of Information request within the period prescribed by law, describing the silence as a refusal that warranted legal action.
According to SERAP, the information requested is not exempt from disclosure because it relates directly to transparency, fiscal responsibility and the management of public funds.
The group concluded that continued secrecy surrounding the country’s oil finances weakens public confidence, undermines accountability and contradicts Nigeria’s constitutional and international obligations on good governance.
