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


 

By Abel Chigozie 


The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil firm of failing to explain and account for ₦211 trillion recorded in its 2023 audited financial statements under "Sundry Receivables" and "Accrued Expenses." 


According to a statement issued on Sunday by SERAP's Deputy Director, Kolawole Oluwadare, the suit was filed at the Federal High Court in Abuja under case number FHC/ABJ/IC/1427/2026. The organisation is seeking a court order compelling the NNPCL to provide a full account of the transactions and disclose all relevant documents relating to the funds. 


SERAP said the financial statements showed ₦107.6 trillion as "Sundry Receivables" and ₦103.4 trillion as "Accrued Expenses" but failed to adequately explain the transactions, identify the parties involved, or provide sufficient documentation for public scrutiny. 


In the suit, the rights group is asking the court to order the NNPCL to disclose the identities of debtors who allegedly owe the ₦107.6 trillion, the legal basis for the receivables, and the status of efforts to recover the money. It also wants the company to reveal the identities of creditors and beneficiaries linked to the ₦103.4 trillion in accrued expenses, along with documents supporting the liabilities. 


SERAP argued that Nigerians have a constitutional and legal right to know how public oil revenues are managed, maintaining that the NNPCL remains subject to the Freedom of Information Act despite operating as a limited liability company under the Petroleum Industry Act. The organisation said transparency is essential to combating corruption, promoting fiscal accountability, and restoring public confidence in the management of the country's oil wealth. 


The organisation further stated that the NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, prompting it to seek judicial intervention. It insisted that the information requested is of overwhelming public interest and is not exempt from disclosure under the Freedom of Information Act. 


SERAP maintained that the funds managed by the NNPCL belong to the Nigerian people because they are derived from the nation's petroleum resources, adding that greater transparency is necessary to ensure the country's oil wealth is properly managed for the benefit of citizens. No hearing date has yet been fixed for the case. 

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