By Seun Ibiyemi
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 an order compelling the state-owned oil firm to account for more than ₦211 trillion recorded in its 2023 audited financial statements.
In the suit, marked FHC/ABJ/CS/1427/2026, SERAP is asking the court to issue an order of mandamus directing NNPCL to disclose all documents and information relating to transactions classified as “Sundry Receivables” and “Accrued Expenses” in the company’s audited accounts.
According to the rights organisation, the audited financial statements recorded ₦107.6 trillion as Sundry Receivables and ₦103.4 trillion as Accrued Expenses but failed to provide sufficient explanations or supporting documentation to justify the entries.
SERAP is requesting the court to compel NNPCL to reveal the identities of debtors, the amounts owed, the legal basis for the receivables, and the status of efforts to recover the outstanding sums.
The organisation also seeks a detailed breakdown of the accrued expenses, including the identities of creditors and beneficiaries, the nature of the liabilities, and documents establishing the legitimacy of the obligations.
In addition, SERAP is asking the court to order NNPCL to release all records and documents relied upon in preparing and approving the ₦211 trillion entries contained in its 2023 audited financial statements.
The organisation argued that the information is of significant public interest, noting that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee Nigerians the right to access information held by public institutions.
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According to SERAP, disclosure of the records would enable the public to determine who owes the ₦107.6 trillion,
who is entitled to the ₦103.4 trillion recorded as accrued expenses, the legal basis for the transactions, and whether the entries comply with applicable laws and public accountability standards.
SERAP’s legal team, comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo, and Maryam Mumuni, argued that NNPCL’s failure to provide detailed information undermines transparency, accountability, and public confidence in the management of Nigeria’s oil resources.
As of the time of filing this report, no hearing date has been fixed by the court.
