The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
According to SERAP, the oil company listed ₦211.015 trillion under “Sundry Receivables” and “Accrued Expenses” without providing enough details for Nigerians to understand or verify the transactions.
The development was disclosed in a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday.
The rights group said it filed the lawsuit at the Federal High Court in Abuja under suit number FHC/ABJ/CS/1427/2026, asking the court to compel NNPCL to fully disclose documents relating to the transactions.
Among its requests, SERAP wants the court to order the company to explain the ₦107.6 trillion listed as Sundry Receivables, including the identities of the debtors, the amounts owed, the legal basis for the debts and efforts made to recover the funds.
It is also seeking details of the ₦103.4 trillion recorded as Accrued Expenses, including the identities of creditors and beneficiaries, the nature of the liabilities and documents supporting the transactions.
“There is an overriding public interest in the disclosure of the information sought. The NNPCL has a legal duty to explain and account for the ₦211 trillion and demonstrate that the entries are accurate, lawful and supported by credible documentation,” SERAP argued in the suit.
The organisation maintained that the Freedom of Information (FOI) Act and the African Charter on Human and Peoples’ Rights guarantee Nigerians the right to access information relating to the management of public resources.
“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 the entries comply with applicable laws and public accountability standards,” SERAP stated.
According to the group, “Sundry Receivables” represent money NNPCL says is owed to it but has not yet been received, while “Accrued Expenses” are liabilities the company says it owes for goods and services already incurred but not yet paid.
SERAP further alleged that NNPCL failed to respond to its earlier Freedom of Information request within the timeframe required by law, arguing that the silence amounts to a refusal under the FOI Act.
The organisation insisted that despite NNPCL’s commercial status under the Petroleum Industry Act (PIA), it remains wholly owned by the Federal Government and is therefore still subject to the provisions of the FOI Act.
It argued that greater transparency in the management of Nigeria’s oil revenues is essential to promoting accountability, fighting corruption and ensuring that public resources are used for the benefit of Nigerians.
No date has been fixed for the hearing of the case.
