The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), demanding an explanation for ₦211 trillion recorded in the company’s 2023 audited financial statements as “Sundry Receivables” and “Accrued Expenses.”
In the suit filed at the Federal High Court in Abuja, SERAP is asking the court to compel NNPCL to provide details and supporting documents relating to the funds.
SERAP said the company recorded ₦107.6 trillion as “Sundry Receivables” and ₦103.4 trillion as “Accrued Expenses” without providing sufficient information on the nature of the transactions, the individuals or organisations involved, and the legal basis for the entries.
The organisation is seeking an order directing NNPCL to disclose the identities of debtors linked to the receivables, the amounts owed, efforts made to recover the funds, as well as details of creditors and beneficiaries connected to the accrued expenses.
SERAP argued that Nigerians have a right to access information on the management of public resources, saying the disclosure is necessary to promote transparency, prevent corruption and strengthen accountability in the oil sector.
The group maintained that NNPCL, being wholly owned by the Federal Government and managing petroleum resources on behalf of the country, remains subject to transparency obligations under the Freedom of Information Act.
SERAP said it previously requested the information from NNPCL but received no satisfactory response, prompting the legal action.
The organisation is also asking the court to compel the company to release all records used in preparing and approving the 2023 financial statements containing the disputed figures.
No date has been fixed for the hearing of the suit.
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