By Francis Ajuonuma
The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL) over its alleged failure to explain and account for ₦211 trillion recorded in its 2023 audited financial statements as “Sundry Receivables” and “Accrued Expenses.”
In suit number FHC/ABJ/CS/1427/2026 filed last week at the Federal High Court in Abuja, SERAP is seeking an order of mandamus compelling NNPCL to fully account for the sum and disclose all related documents and information.
The group wants the court to force NNPCL to provide detailed explanations, reconciliations and supporting documents for the ₦107.6 trillion listed as Sundry Receivables, including the identities of debtors, the legal basis for the claims and the status of recovery efforts, as well as a complete breakdown of the ₦103.4 trillion recorded as Accrued Expenses.
The statement announcing the lawsuit was issued on Sunday by SERAP Deputy Director Kolawole Oluwadare in Lagos.
SERAP argues in the suit that “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.”
It further states that “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.”
The organisation maintains that NNPCL remains fully subject to the Freedom of Information Act because the Federal Government wholly owns it and manages Nigeria’s petroleum resources on behalf of the Federation. It says the company’s failure to respond to an earlier FOI request amounts to a refusal under the law.
“NNPCL’s failure to disclose the requested information undermines transparency, accountability and public confidence in the management of Nigeria’s oil wealth,” the suit declares. “Secrecy over the management of oil revenues undermines the rule of law, weakens public trust, and is inconsistent with the Nigerian Constitution, the Fiscal Responsibility Act and Nigeria’s international anti-corruption obligations.”
No date has been fixed for the hearing of the suit.
