SERAP sues NNPCL over alleged failure to account for ₦211 trillion in 2023 financial statements

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 state-owned oil company to explain and disclose details of more than ₦211 trillion recorded in its 2023 audited financial statements.

The suit, marked FHC/ABJ/CS/1427/2026, was filed at the Federal High Court in Abuja. SERAP is asking the court to order the NNPCL to provide full details, supporting documents and reconciliations for ₦211.015 trillion recorded under the categories of “Sundry Receivables” and “Accrued Expenses” in its 2023 audited accounts.

In a statement issued by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation alleged that the financial records contain substantial figures that were not sufficiently explained, raising concerns about transparency and accountability in the management of public funds.

According to SERAP, the lawsuit seeks the disclosure of details surrounding ₦107.6 trillion listed as Sundry Receivables, including the identities of debtors, the amounts owed, the basis for the receivables and the steps being taken to recover the funds.

The organisation is also requesting a comprehensive breakdown of ₦103.4 trillion recorded as Accrued Expenses, including the identities of creditors or beneficiaries, the nature of the liabilities and documentation supporting the expenses.

SERAP argued that, as a government-owned company responsible for managing Nigeria’s oil resources, the NNPCL has a legal obligation to ensure transparency in its financial reporting and provide Nigerians with access to information relating to the management of public resources.

“There is an overriding public interest in the disclosure of the information sought,” SERAP said. “The NNPCL has a legal duty to account for every naira of public oil revenue and ensure full transparency in its financial reporting.”

The organisation is asking the court to compel the NNPCL to release all relevant records, board resolutions, internal documents and other materials relied upon in preparing and approving the 2023 audited financial statements.

The Federal High Court is expected to fix a date for the hearing of the suit.

As of the time of filing this report, the NNPCL had not publicly responded to SERAP’s claims or the legal action.