The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) over its “failure to explain and account for ₦211 trillion in oil money recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’”
NNPCL reportedly recorded over ₦211 trillion (₦211,015,245,000,000) in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses’ without adequately explaining the transactions or providing sufficient information to enable public scrutiny of the funds.
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In the suit No. FHC/ABJ/CS/1427/2026 filed last week at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus directing and compelling the NNPCL to account for the ₦211 trillion and disclose all documents and information relating to the transactions recorded in its 2023 audited financial statements.”
SERAP is asking the court to “direct and compel the NNPCL to provide a detailed explanation, reconciliation and supporting documents relating to the ₦107.6 trillion recorded as ‘Sundry Receivables’, including the identities of the debtors, the amounts owed, the legal basis for the receivables and the status of recovery efforts.”
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SERAP is also asking the court to “direct and compel the NNPCL to disclose the complete breakdown and supporting documents relating to the ₦103.4 trillion recorded as ‘Accrued Expenses’, including the identities of the creditors and beneficiaries, the nature and legal basis of the liabilities, and the documents establishing their legitimacy.”
SERAP is further asking the court to “direct and compel the NNPCL to disclose all records relied upon in preparing and approving the ₦211 trillion recorded as ‘Sundry Receivables’ and ‘Accrued Expenses’ in its 2023 audited financial statements.”
In the suit, SERAP is arguing 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.”
According to SERAP, “the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public’s right to access information held by public institutions, including NNPCL, to enable citizens to scrutinise the management of public resources.”
SERAP is arguing that “disclosure of the information is necessary to promote transparency, prevent corruption, strengthen fiscal accountability and ensure effective public oversight of NNPCL’s operations.”
SERAP is also arguing 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 suit, filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, reads in part: “‘Sundry Receivables’ are amounts of money that NNPCL says are owed to it by individuals, companies or government entities but which it has not yet received.”
“‘Accrued Expenses’ are amounts that NNPCL says it owes to others for goods, services or other obligations that have been incurred but not yet paid.”
“Together, these entries account for over ₦211 trillion in NNPCL’s 2023 audited financial statements.”
“Yet the financial statements do not adequately explain who owes the money, who is to be paid, the legal basis for the transactions, or provide the supporting documents necessary for Nigerians to independently scrutinise and verify these enormous sums.”
“NNPCL’s failure to disclose the requested information undermines transparency, accountability and public confidence in the management of Nigeria’s oil wealth, prevents Nigerians from determining whether the transactions are lawful and properly documented.”
“NNPCL remains fully subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages Nigeria’s petroleum resources and oil revenues on behalf of the Federation. The Petroleum Industry Act did not remove NNPCL’s legal obligations to operate transparently and accountably.”
“The funds managed by NNPCL are public funds, regardless of the company’s corporate status, because they are derived from Nigeria’s petroleum resources, which belong to the Federation. Nigerians have a legal right to scrutinise how these resources are managed.”
“NNPCL failed to comply with SERAP’s Freedom of Information request despite the clear timelines prescribed by the Freedom of Information Act. Under the Act, its failure to respond is deemed a refusal, entitling SERAP to seek judicial intervention to compel full disclosure.”
“The information requested is not exempt from disclosure under the Freedom of Information Act and concerns matters of overwhelming public interest relating to transparency, fiscal accountability, good governance and the prudent management of Nigeria’s oil wealth.”
“Secrecy over the management of oil revenues undermines the rule of law, weakens public trust, and is inconsistent with the Nigerian Constitution 1999 (as amended), the Fiscal Responsibility Act, the Financial Regulations, and Nigeria’s obligations under the UN Convention against Corruption, the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.”
“Greater transparency and accountability in the management of Nigeria’s oil revenues are essential to combating corruption, protecting public resources and ensuring that the country’s wealth is used to improve the lives and well-being of Nigerians.”
No date has been fixed for the hearing of the suit.
Kolawole Oluwadare
SERAP Deputy Director
26/07/2026
Lagos, Nigeria
Emails: [email protected]; [email protected]
Twitter: @SERAPNigeria
Website: www.serap-nigeria.org
For more information or to request an interview, please contact us on: +2348160537202
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