The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company Limited (NNPCL) to court, asking it to provide a detailed account of more than N211 trillion recorded in its 2023 audited financial statements.
The lawsuit, filed at the Federal High Court in Abuja and marked FHC/ABJ/CS/1427/2026, seeks an order compelling the state-owned oil company to disclose documents and explanations relating to the financial entries described as “Sundry Receivables” and “Accrued Expenses.”
According to SERAP, the audited accounts listed N107.6 trillion as sundry receivables and N103.4 trillion as accrued expenses but did not provide enough information for the public to understand the nature of the transactions or verify their legitimacy.
The rights group is asking the court to direct NNPCL to reveal the identities of debtors linked to the receivables, the amounts owed, the legal basis for the claims, and the status of efforts to recover the funds. It also wants details of the accrued expenses, including the creditors or beneficiaries involved, the liabilities, and documents supporting the transactions.
In addition, SERAP is requesting access to all records used in preparing and approving the financial entries contained in the company’s 2023 audited accounts.
The organisation argued that the information should be made public because it concerns the management of Nigeria’s petroleum resources and involves significant public funds. It maintained that greater transparency would strengthen accountability, promote public confidence, and help prevent corruption.
SERAP further contended that the Freedom of Information Act gives Nigerians the right to obtain such records from public institutions. It argued that NNPCL remains subject to the law despite its corporate structure under the Petroleum Industry Act because it is wholly owned by the Federal Government and manages national oil resources on behalf of the federation.
The group also told the court that NNPCL failed to respond to its earlier Freedom of Information request within the period required by law, describing the lack of response as a refusal that justified legal action.
SERAP maintained that the requested information is not exempt from disclosure and said public access would allow Nigerians to determine whether the financial transactions complied with legal and accountability standards.
The suit was filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo, and Maryam Mumuni.
No hearing date has been scheduled for the case.
