The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL), seeking a court order compelling the company to account for ₦211 trillion recorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements.
In the suit, FHC/ABJ/CS/1426/2027, filed at the Federal High Court in Abuja, SERAP alleged that NNPCL failed to adequately explain the transactions or provide sufficient information to enable public scrutiny of the funds.
The organisation is asking the court to issue an order of mandamus directing NNPCL to account for the ₦211,015,245,000,000 and disclose all documents relating to the transactions.
SERAP specifically wants the court to compel NNPCL to provide a detailed explanation and supporting documents for the ₦107.6 trillion recorded as “Sundry Receivables,” including the identities of debtors, amounts owed, the legal basis for the receivables and the status of recovery efforts.
It is also seeking full disclosure of the ₦103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and documents establishing their legitimacy.
The group further requested an order directing NNPCL to release all records used in preparing and approving the disputed entries in its 2023 audited financial statements.
SERAP argued that there is an overriding public interest in the disclosure of the information, insisting that NNPCL has a legal duty to explain and account for the transactions and demonstrate that the entries are lawful, accurate and supported by credible documentation.
The organisation maintained 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, including NNPCL, to promote transparency and accountability in the management of public resources.
According to SERAP, 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 suit, filed by SERAP’s lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, argued that the financial statements do not adequately identify the debtors or creditors or provide the supporting documents required for independent verification of the figures.
SERAP also contended that NNPCL remains subject to the Freedom of Information Act, despite the provisions of the Petroleum Industry Act, because it is wholly owned by the Federal Government and manages Nigeria’s petroleum resources on behalf of the federation.
The organisation accused NNPCL of failing to respond to its Freedom of Information request within the statutory period, arguing that the silence amounts to a refusal under the law and justifies judicial intervention.
SERAP added that continued secrecy over the management of Nigeria’s oil revenues undermines transparency, weakens public trust and violates constitutional provisions, the Fiscal Responsibility Act, Financial Regulations and Nigeria’s obligations under international anti-corruption and human rights treaties.
