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Ayomide Awe
The Socio-Economic Rights and Accountability Project has dragged the Nigerian National Petroleum Company Limited to the Federal High Court in Abuja over its alleged failure to account for over ₦211 trillion recorded in its 2023 audited financial statements.
The rights group is seeking a court order compelling the national oil company to explain and disclose documents relating to the ₦211,015tn listed under “Miscellaneous Credits” and “Accrued Expenses” in its audited accounts.
According to SERAP, the financial statements did not provide adequate details of the transactions or sufficient information to allow public scrutiny of the large sums.
The suit, marked FHC/ABJ/CS/1426/2027, was filed last week before the Federal High Court in Abuja.
In the case, SERAP asks the court to issue a writ order requiring NNNPCL to account for the funds and release all documents used in the preparation and approval of the disputed items.
Specifically, the organization wants the court to force NNPCL to provide a detailed explanation and supporting documents for the ₦107.6 trillion registered as “Miscellaneous Debts,” including the identities of debtors, amounts owed, the legal basis of the debts, and the status of collection efforts.
It also seeks an order compelling the oil company to disclose documents relating to the ₦103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and records establishing their legitimacy.
SERAP argued that there was an overriding public interest in disclosing the information, arguing that NNPCL had a legal obligation to explain the transactions and demonstrate that the rumors were legitimate, accurate and supported by credible documentation.
The organization further argued that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee Nigerians the right to access information held by public institutions, including the NNNPCL.
According to SERAP, public access to information would promote transparency, strengthen fiscal responsibility, prevent corruption and improve oversight of the management of Nigeria’s oil wealth.
He argued that Nigerians have the right to know who owes the ₦107.6 trillion, who is entitled to the ₦103.4 trillion in accrued expenses and whether the transactions comply with relevant laws and accountability standards.
The suit was filed on behalf of SERAP by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.
In court documents, the organization described “Miscellaneous Accounts Receivable” as funds owed to it by individuals, companies or government agencies but which have not yet been received, while “Accrued Expenses” represent liabilities incurred for goods, services or other obligations that have yet to be paid.
SERAP argued that together, both items amounted to more than ₦211 trillion, but the financial statements did not adequately explain who owed the money, who would receive the payment or provide documents to allow independent verification of the transactions.
The organization further argued that NNPCL, despite operating under the Petroleum Industry Act, remains subject to the Freedom of Information Act because it is wholly owned by the federal government and manages Nigeria’s petroleum resources on behalf of the federation.
He added that the oil company’s failure to respond to his freedom of information request within the time required by law amounts to a refusal, thus requiring judicial intervention.
SERAP further argued that the information requested is not exempt from disclosure and concerns matters of significant public interest relating to transparency, good governance and the prudent management of public resources.
He warned that secrecy in the management of oil revenues undermines public trust, weakens accountability and contravenes Nigeria’s constitutional and international obligations on transparency and anti-corruption.
No date has been set for the hearing in the case.
At the time of filing this report, NNPCL had not yet publicly responded to the lawsuit or the allegations contained in the lawsuit.
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