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 over ₦211 trillionrecorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements.
In the suit filed at the Federal High Court in Abuja, SERAP is asking the court to direct the NNPCL to disclose all documents, supporting records, and detailed explanations relating to the transactions. The organisation argued that the financial statements failed to adequately identify the debtors, creditors, legal basis for the entries, and the status of recovery or payment.
According to SERAP, the disputed figures include ₦107.6 trillion listed as Sundry Receivables and ₦103.4 trillionrecorded as Accrued Expenses. It maintained that Nigerians have a constitutional and legal right to scrutinise the management of public resources, citing the Freedom of Information Act and the African Charter on Human and Peoples’ Rights.
The advocacy group further argued that greater transparency is essential to strengthen public accountability, prevent corruption, and restore confidence in the management of Nigeria’s oil revenues.
