The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL) before the Federal High Court in Abuja over what it described as the company’s failure to adequately explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
SERAP, in the suit marked FHC/ABJ/CS/1427/2026 and filed last week, is seeking an order compelling NNPCL to provide details and supporting documents relating to the entries listed under “Sundry Receivables” and “Accrued Expenses” in the financial report.
The advocacy group said the audited accounts recorded ₦107.6 trillion as Sundry Receivables and ₦103.4 trillion as Accrued Expenses, but argued that the company failed to provide sufficient information to enable public scrutiny of the transactions.
SERAP is asking the court to compel NNPCL to disclose the identities of individuals, companies or entities responsible for the receivables, the amounts owed, the legal basis for the claims and the steps taken to recover the funds.
It is also seeking details of the accrued expenses, including the identities of creditors and beneficiaries, the nature of the liabilities, the legal basis for the obligations and documents supporting the legitimacy of the transactions.
The organisation further wants NNPCL to release all records used in preparing, reviewing and approving the ₦211 trillion entries contained in the audited financial statements.
SERAP argued that the information is in the public interest, stressing that NNPCL has a responsibility to explain the transactions and demonstrate that the figures are accurate, lawful 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 entities responsible for managing public resources.
It maintained that disclosure of the records would promote transparency, strengthen accountability, help prevent corruption and allow Nigerians to assess how the country’s petroleum resources are being managed.
The suit stated that Nigerians have a right to know who owes NNPCL the ₦107.6 trillion recorded as receivables, who is entitled to the ₦103.4 trillion in accrued expenses, and whether the transactions comply with relevant laws and financial regulations.
Filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, the suit explained that Sundry Receivables refer to funds an organisation expects to receive from individuals, companies or government entities, while Accrued Expenses represent obligations incurred but not yet paid.
SERAP argued that despite the scale of the figures, NNPCL’s audited accounts did not sufficiently identify the parties involved, explain the basis of the transactions or provide documentation that would allow independent verification.
The group maintained that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages petroleum resources and revenues on behalf of Nigerians.
It also argued that the Petroleum Industry Act does not exempt the company from transparency and accountability obligations.
SERAP alleged that NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, which it said amounted to a refusal and necessitated legal action.
The organisation further contended that the requested information does not fall under any exemption in the Freedom of Information Act, as the matter relates to transparency, fiscal responsibility and the management of public funds.
SERAP said secrecy in the management of oil revenues undermines public confidence, weakens accountability systems and conflicts with Nigeria’s constitutional provisions, financial regulations and international anti-corruption commitments.
No date has been fixed for hearing the suit.
