The Socio-Economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL). The lawsuit is about NNPCL's failure to explain and account for ₦211 trillion in oil money. This amount was recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’
NNPCL reportedly noted over ₦211 trillion (₦211,015,245,000,000) in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’ But they did not provide a clear explanation of these transactions or enough details for the public to review the funds.
In suit No. FHC/ABJ/CS/1427/2026 filed last week at the Federal High Court in Abuja, SERAP is asking for “an order of mandamus directing and compelling the NNPCL to account for the ₦211 trillion and disclose all documents and information relating to the transactions recorded in its 2023 audited financial statements.”
SERAP wants the court to “direct and compel the NNPCL to provide a detailed explanation, reconciliation and supporting documents relating to 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.”
They also want the court to “direct and compel the NNPCL to disclose the complete breakdown and supporting documents relating to the ₦103.4 trillion recorded as ‘Accrued Expenses’, including the identities of the creditors and beneficiaries, the nature and legal basis of the liabilities, and the documents establishing their legitimacy.”
Additionally, SERAP is asking the court to “direct and compel the NNPCL to disclose all records relied upon in preparing and approving the ₦211 trillion recorded as ‘Sundry Receivables’ and ‘Accrued Expenses’ in its 2023 audited financial statements.”
In the lawsuit, SERAP argues that “there is an overriding public interest in the disclosure of the information sought. The NNPCL has a legal duty to explain and account for the ₦211 trillion and demonstrate that the entries are accurate, lawful and supported by credible documentation.”
According to SERAP, “the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public’s right to access information held by public institutions, including NNPCL, to enable citizens to scrutinise the management of public resources.”
They claim that “disclosure of the information is necessary to promote transparency, prevent corruption, strengthen fiscal accountability and ensure effective public oversight of NNPCL’s operations.”
SERAP also states that “Nigerians have the 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 applicable laws and public accountability standards.”
The suit is filed by SERAP's lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni. They noted that “‘Sundry Receivables’ are amounts of money that NNPCL says are owed to it by individuals, companies or government entities but which it has not yet received.”
They added that “‘Accrued Expenses’ are amounts that NNPCL says it owes to others for goods, services or other obligations that have been incurred but not yet paid.”
“Together, these entries account for over ₦211 trillion in NNPCL’s 2023 audited financial statements.”
The lawyers said, “Yet the financial statements do not adequately explain who owes the money, who is to be paid, the legal basis for the transactions, or provide the supporting documents necessary for Nigerians to independently scrutinise and verify these enormous sums.”
“NNPCL’s failure to disclose the requested information undermines transparency, accountability and public confidence in the management of Nigeria’s oil wealth, preventing Nigerians from determining whether the transactions are lawful and properly documented.”
NNPCL is still subject to the Freedom of Information Act because it is fully owned by the Federal Government. It manages Nigeria’s petroleum resources and oil revenues on behalf of the Federation. The Petroleum Industry Act did not remove NNPCL’s legal obligations to operate transparently and accountably.
The funds managed by NNPCL are public funds, regardless of the company’s status. They come from Nigeria’s oil resources, which belong to the Federation. Nigerians have a right to scrutinise how these resources are managed.
NNPCL did not respond to SERAP’s Freedom of Information request within the time required by the law. This lack of response is seen as a refusal, allowing SERAP to seek court help to enforce full disclosure.
The information SERAP wants is not exempt from the Freedom of Information Act. It deals with important public issues about transparency, fiscal accountability, good governance and the management of Nigeria’s oil wealth.
Keeping oil revenue management secret goes against the rule of law. It weakens public trust and does not align with the Nigerian Constitution 1999 (as amended), the Fiscal Responsibility Act, the Financial Regulations, and Nigeria’s commitments under the UN Convention against Corruption, the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.
More transparency and accountability in how Nigeria’s oil revenues are managed are key to fighting corruption, protecting public resources and ensuring that the country’s wealth improves the lives of Nigerians.
No date has been set for the hearing of the suit.
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