Rights group seeks court order compelling oil company to disclose details of ₦107.6tn in receivables and ₦103.4tn in accrued expenses.
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja over its alleged failure to adequately explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
SERAP said the sum of ₦211.015 trillion was listed under “Sundry Receivables” and “Accrued Expenses” in NNPCL’s audited accounts without sufficient details to allow public scrutiny of the transactions.
The suit, marked FHC/ABJ/CS/1427/2026 and filed last week, seeks an order compelling the state-owned oil company to account for the funds and disclose all documents relating to the entries contained in its 2023 financial statements.
The advocacy organisation is asking the court to direct NNPCL to provide a detailed explanation and reconciliation of the ₦107.6 trillion recorded as “Sundry Receivables,” including the identities of the debtors, amounts owed, the legal basis for the receivables and efforts made to recover the funds.
SERAP is also seeking the disclosure of documents relating to the ₦103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature of the liabilities, their legal basis and supporting records establishing their legitimacy.
In addition, the group wants the court to compel NNPCL to release all records used in preparing and approving the ₦211 trillion entries in the audited accounts.
According to SERAP, there is an overriding public interest in making the information available, arguing that NNPCL has a legal obligation to explain the transactions and demonstrate that the figures are accurate, lawful and supported by credible documentation.
The organisation contended that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions, including NNPCL, to facilitate oversight of public resources.
SERAP maintained that disclosure of the information would promote transparency, strengthen fiscal accountability, prevent corruption and enable Nigerians to assess how the country’s oil wealth is being managed.
“The Nigerian people have a right to know who owes the ₦107.6 trillion, who is entitled to the ₦103.4 trillion in accrued expenses, the legal basis for the transactions and whether the entries comply with relevant laws and accountability standards,” the organisation stated.
Filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, the suit explained that “Sundry Receivables” represent funds NNPCL claims are owed to it by individuals, companies or government entities but have not yet been received.
It also described “Accrued Expenses” as liabilities the company says it owes for goods, services or other obligations already incurred but not yet paid.
SERAP argued that together, the two entries account for more than ₦211 trillion in NNPCL’s 2023 audited financial statements, yet the accounts do not sufficiently identify the parties involved, explain the legal basis of the transactions or provide supporting documentation for independent verification.
The organisation maintained that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages petroleum resources and oil revenues on behalf of the federation. It added that the Petroleum Industry Act does not exempt the company from its obligations to operate transparently and accountably.
SERAP further alleged that NNPCL failed to respond to its Freedom of Information request within the timeframe stipulated by law, a situation it said amounts to a refusal and justifies judicial intervention.
According to the group, the information sought is not exempt from disclosure under the Freedom of Information Act as it concerns transparency, good governance, fiscal responsibility and the management of public resources.
The organisation added that secrecy surrounding oil revenue management undermines public trust, weakens the rule of law and runs contrary to Nigeria’s constitutional provisions, financial regulations and international anti-corruption commitments.
No date has been fixed for the hearing of the suit.