SERAP Sues NNPCL Over Alleged Failure to Account for ₦211tn Oil Funds

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 explain and account for ₦211 trillion recorded in its 2023 audited financial statements as “Sundry Receivables” and “Accrued Expenses.”

According to SERAP, the NNPCL recorded more than ₦211.01 trillion in its 2023 audited accounts without providing sufficient explanations or supporting documentation to enable public scrutiny of the transactions.

The suit, marked FHC/ABJ/CS/1427/2026, was filed last week at the Federal High Court in Abuja.

SERAP is asking the court to direct the NNPCL to provide a detailed explanation and all relevant documents relating to the transactions.

Specifically, the organisation wants the company to explain the ₦107.6 trillion recorded as Sundry Receivables, including the identities of the debtors, the amounts owed, the legal basis for the receivables and the status of recovery efforts.

It is also seeking disclosure of the ₦103.4 trillion listed as Accrued Expenses, including the identities of creditors and beneficiaries, the nature of the liabilities and documents establishing their legitimacy.

In the suit, SERAP argued that Nigerians have a legal right to know how public oil revenues are managed, stressing that the Freedom of Information Act guarantees access to information held by public institutions.

The organisation maintained that the Petroleum Industry Act did not remove NNPCL’s obligation to operate transparently and accountably because the company remains wholly owned by the Federal Government and manages the nation’s petroleum resources on behalf of the federation.

SERAP further argued that public disclosure is necessary to strengthen transparency, prevent corruption and promote effective oversight of the country’s oil wealth.

According to the organisation, NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, an action it described as a deemed refusal under the Act.

SERAP added that secrecy surrounding the management of oil revenues weakens public trust and undermines accountability.

The group is represented in the suit by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo, and Maryam Mumuni.

No date has yet been fixed for the hearing of the case.