The Socio-Economic Rights and Accountability Project has taken legal action against the Nigerian National Petroleum Company Limited over what it calls a massive failure to explain ₦211 trillion in oil revenues. The group filed the suit at the Federal High Court in Abuja last week, challenging how the state oil firm recorded the funds as "Sundry Receivables" and "Accrued Expenses" in its 2023 audited financial statements.
SERAP wants the court to force NNPCL to reveal the complete details behind the ₦211 trillion in unaccounted funds. The legal action, marked FHC/ABJ/CS/1426/2027, seeks a mandamus order compelling the company to disclose all documents and information tied to the transactions.
According to SERAP's filing, ₦107.6 trillion sits on the books as "Sundry Receivables"—money the company claims others owe it. The group is demanding the identities of every debtor, the exact amounts involved, the legal basis for each claim and details on collection efforts.
The remaining ₦103.4 trillion appears as "Accrued Expenses," representing obligations NNPCL says it owes but hasn't yet paid. SERAP wants the court to compel disclosure of the creditors and beneficiaries involved, the nature of each liability and the documents proving they're legitimate.
SERAP argues there's a compelling public interest in getting these answers. "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," the group said in court documents.
The organisation points to the Freedom of Information Act and the African Charter on Human and Peoples' Rights as backing Nigerians' right to access information held by public institutions. It contends that transparency over how NNPCL manages public resources strengthens accountability and prevents wrongdoing.
"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," SERAP stated.
The lawyers representing SERAP—Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni—spelled out the stakes in their court filing. They explained that "Sundry Receivables" refers to money individuals, companies or government entities supposedly owe NNPCL but haven't yet paid.
"Accrued Expenses" describes amounts NNPCL claims it owes for goods, services or other obligations it's incurred but not yet settled. Together, the two categories add up to more than ₦211 trillion in the company's 2023 accounts.
SERAP is pushing the court to demand that NNPCL release all records used to prepare and approve the ₦211 trillion figure. The group says disclosure will promote transparency, prevent corruption and ensure Nigerians can properly oversee how their state oil firm operates.
