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 state-owned oil company to explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements as “Sundry Receivables” and “Accrued Expenses.”
The suit, filed at the Federal High Court in Abuja, follows NNPCL’s alleged failure to respond to SERAP’s Freedom of Information request seeking details of the transactions.
According to court documents, the rights group is asking the court to order NNPCL to disclose all records, supporting documents and information relating to the ₦211.02 trillion recorded in its financial statements.
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The amount comprises ₦107.6 trillion classified as Sundry Receivables and ₦103.4 trillion recorded as Accrued Expenses.
SERAP is asking the court to compel the oil company to provide a detailed reconciliation of the receivables, including the identities of debtors, amounts owed, the legal basis for the claims and efforts made to recover the funds.
The organisation is also seeking a breakdown of the accrued expenses, including the identities of creditors and beneficiaries, the nature of the liabilities and documents establishing their legitimacy.
In the suit marked FHC/ABJ/CS/1427/2026, SERAP argued that there is an overriding public interest in the disclosure of the information, insisting that Nigerians have a right to know how the country’s oil wealth is being managed.
“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,” SERAP said.
The organisation maintained that although NNPCL now operates as a commercial entity under the Petroleum Industry Act, it remains wholly owned by the Federal Government and is therefore subject to the provisions of the Freedom of Information Act.
According to SERAP, the company’s corporate status does not exempt it from public accountability because it manages Nigeria’s petroleum resources on behalf of the federation.
The group argued that the financial statements do not sufficiently explain who owes the ₦107.6 trillion, who is entitled to receive the ₦103.4 trillion, or the legal basis for the transactions.
It warned that the absence of such information undermines transparency, accountability and public confidence in the management of Nigeria’s oil revenues.
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SERAP further alleged that NNPCL failed to respond within the timeline prescribed under the Freedom of Information Act, describing the silence as a deemed refusal that entitles it to seek judicial intervention.
According to the organisation, greater transparency in the management of oil revenues is essential to combating corruption, strengthening fiscal accountability and ensuring that Nigeria’s petroleum wealth benefits citizens.
The suit was filed by SERAP’s lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.
No date has been fixed for the hearing of the case.
