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 in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses.” The rights group argued that the transactions were not sufficiently explained, preventing Nigerians from scrutinising how the funds were recorded and managed.
According to SERAP, the suit, marked FHC/ABJ/CS/1427/2026, was filed at the Federal High Court in Abuja last week. The organisation is asking the court to issue an order of mandamus directing NNPCL to disclose documents, records and detailed explanations relating to the ₦211.015 trillion entries contained in its 2023 audited financial statements. The group is also requesting a reconciliation of the transactions to determine their legal basis and compliance with public accountability standards.
SERAP specifically wants NNPCL to explain the ₦107.6 trillion recorded as Sundry Receivables, including the identities of debtors, the amounts owed, recovery efforts and the legal basis for the receivables.
It is equally demanding full disclosure of the ₦103.4 trillion listed as Accrued Expenses, including the identities of creditors and beneficiaries, the nature of the liabilities and supporting documents establishing their legitimacy. The organisation further requested all records relied upon in preparing and approving the financial entries.
In the suit, SERAP sues NNPCL on the grounds that Nigerians have a legal right to know how public petroleum revenues are managed. The organisation argued that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions. According to SERAP, disclosure would strengthen transparency, promote fiscal accountability, discourage corruption and improve public oversight of Nigeria’s oil wealth.
SERAP maintained that NNPCL remains subject to the Freedom of Information Act despite its corporate status under the Petroleum Industry Act. The organisation argued that petroleum revenues managed by the company remain public funds because they are derived from Nigeria’s natural resources and belong to the Federation. It further stated that NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, describing the silence as a deemed refusal that justified judicial intervention.
SERAP also argued that continued secrecy surrounding the financial entries undermines public trust and may conflict with the Nigerian Constitution, the Fiscal Responsibility Act, Financial Regulations and Nigeria’s international anti-corruption obligations. The organisation insisted that greater openness in the management of petroleum revenues is essential to protecting public resources and ensuring national wealth benefits citizens. No date has been fixed for the hearing of the case.
