The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal action against the Nigerian National Petroleum Company Limited (NNPCL), asking the Federal High Court in Abuja to compel the state-owned oil firm to account for ₦211 trillion recorded in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses.” In the suit, marked FHC/ABJ/CS/1427/2026 and filed last week, SERAP contends that the NNPCL failed to provide sufficient explanation or supporting documentation for the transactions, thereby denying Nigerians the opportunity to scrutinise the management of public resources.
The organisation is seeking an order of mandamus directing the NNPCL to disclose all documents relating to the transactions and provide a detailed reconciliation of the entries contained in its audited accounts.
Specifically, SERAP wants the court to compel the company to explain 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 efforts to recover the funds.
It is also requesting a comprehensive breakdown of the ₦103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature of the liabilities, their legal basis and supporting documents establishing their legitimacy.
The rights group further urged the court to order the NNPCL to disclose all records used in preparing and approving the disputed entries in the company’s 2023 audited financial statements.
SERAP argued that there is an overriding public interest in ensuring transparency and accountability in the management of Nigeria’s oil revenues, insisting that the NNPCL has a legal obligation to demonstrate that the transactions are lawful, accurate and supported by credible documentation.
According to the organisation, the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions, including the NNPCL, to enable effective public oversight.
It maintained that Nigerians have a right to know who owes the ₦107.6 trillion recorded as receivables, who is entitled to the ₦103.4 trillion in accrued expenses, and whether the transactions comply with applicable laws and public accountability standards.
The suit, filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, argued that the NNPCL remains subject to the Freedom of Information Act despite its corporate status under the Petroleum Industry Act because it is wholly owned by the Federal Government and manages the nation’s petroleum resources on behalf of the federation.
SERAP further alleged that the company failed to respond to its Freedom of Information request within the period prescribed by law, a development it said amounted to a refusal under the Act and justified judicial intervention.
The organisation maintained that greater transparency in the management of Nigeria’s oil wealth is essential to strengthening public trust, combating corruption and ensuring that petroleum revenues are deployed for the benefit of Nigerians.
No date has been fixed for the hearing of the suit.
