SERAP Sues NNPCL Over Alleged Failure to Account for N211tn in 2023 Financial Statements

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to explain and account for N211 trillion recorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements.

The suit, marked FHC/ABJ/CS/1427/2026, was filed at the Federal High Court in Abuja, where SERAP is seeking an order of mandamus compelling the national oil company to disclose documents and information relating to the transactions and provide a detailed explanation of the entries.

According to SERAP, the audited financial statements recorded N107.6 trillion as sundry receivables and N103.4 trillion as accrued expenses but failed to provide sufficient details to allow public scrutiny of the transactions.

The organisation is asking the court to direct NNPCL to disclose a comprehensive breakdown of the N107.6 trillion classified as sundry receivables, including the identities of debtors, amounts owed, the legal basis for the receivables and the status of efforts to recover the funds.

SERAP is also seeking an order compelling the company to provide a full explanation of the N103.4 trillion recorded as accrued expenses, including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and documents establishing the legitimacy of the claims.

In addition, the organisation wants the court to order NNPCL to release all records, documents and information relied upon in preparing and approving the N211 trillion entries contained in its 2023 audited financial statements.

The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.

SERAP argued that there is an overriding public interest in the disclosure of the information, saying Nigerians have a right to transparency and accountability in the management of public resources.

As of the time of filing this report, no hearing date has been fixed for the case.