The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against 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.
The suit, filed at the Federal High Court in Abuja, alleges that the NNPCL failed to provide adequate explanations and supporting documents for the transactions, thereby denying Nigerians the opportunity to scrutinise the management of the country’s oil revenues.
According to court documents, the rights group is seeking an order of mandamus directing the NNPCL to disclose all records and information relating to the ₦211.02 trillion recorded in its 2023 audited accounts.
SERAP is also asking the court to compel the oil company to provide a detailed reconciliation of the ₦107.6 trillion listed as “Sundry Receivables,” including the identities of debtors, amounts owed, the legal basis of the debts and efforts made to recover the funds.
The organisation further wants the NNPCL to disclose the complete breakdown of the ₦103.4 trillion recorded as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature of the liabilities and documents supporting the claims.
In the suit marked FHC/ABJ/CS/1427/2026, SERAP argued that there is an overriding public interest in ensuring transparency and accountability in the management of Nigeria’s oil wealth.
According to the organisation, the NNPCL has a legal obligation to explain the transactions and demonstrate that the financial entries are accurate, lawful and supported by credible documentation.
SERAP contended 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 the NNPCL.
It argued that disclosure of the requested information would promote transparency, prevent corruption, strengthen fiscal accountability and enhance public oversight of the state-owned oil company.
The organisation maintained that Nigerians have the right to know who owes the ₦107.6 trillion, who is entitled to the ₦103.4 trillion in accrued expenses, and the legal basis for the transactions.
SERAP also argued that the NNPCL remains subject to the Freedom of Information Act despite its status under the Petroleum Industry Act because it is wholly owned by the Federal Government and manages Nigeria’s petroleum resources on behalf of the federation.
According to the group, the funds managed by the NNPCL are public funds and should be open to public scrutiny.
The suit further alleged that the NNPCL failed to respond to SERAP’s Freedom of Information request within the timeframe stipulated by law, a development the organisation described as a refusal to disclose the information sought.
SERAP said the information requested does not fall under any exemption provided by the Freedom of Information Act and concerns matters of significant public interest.
It argued that secrecy surrounding the management of oil revenues undermines public confidence, weakens accountability and is inconsistent with the Constitution, the Fiscal Responsibility Act and Nigeria’s international anti-corruption obligations.
The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.
No date has been fixed for the hearing of the case.
