SERAP sues NNPCL for ‘failure to account for ₦211tn in oil money’

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Corporation (NNPCL) for its “failure to explain and account for the ₦211 trillion in oil money recorded in its 2023 audited financial statements as ‘Miscellaneous Receivables’ and ‘Accrued Expenses.’”

NNPCL reportedly recorded more than ₦211 trillion (₦211,015,245,000,000) in its 2023 audited financial statements as ‘Miscellaneous Receivables’ and ‘Accrued Expenses’ without adequately explaining the transactions or providing sufficient information to allow public oversight of the funds.

In lawsuit no. FHC/ABJ/CS/1427/2026 filed last week at the Federal High Court in Abuja, SERAP is seeking “an order of mandamus directing and compelling NNPCL to account for ₦211 trillion and disclose all documents and information relating to transactions recorded in its audited financial statements in 2023.”

SERAP asked the court to “direct and compel NNPCL to provide detailed explanations, reconciliations and supporting documents relating to the ₦107.6 trillion recorded as ‘Various Receivables’, including the identity of the debtors, the amount of the debt, the legal basis of the receivables and the status of recovery efforts.”

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SERAP also asked the court to “direct and compel NNPCL to disclose full details and supporting documents relating to the ₦103.4 trillion recorded as ‘Accrued Expenses’, including the identities of creditors and beneficiaries, the nature and legal basis of the obligations, and documents attesting to their validity.”

SERAP further asked the court to “direct and compel NNPCL to disclose all records relied upon in preparing and approving the ₦211 trillion recorded as ‘Miscellaneous Receivables’ and ‘Accrued Expenses’ in its 2023 audited financial statements.”

In its lawsuit, SERAP argued that “there is a greater public interest in disclosing the requested information. NNPCL has a legal obligation to explain and account for the ₦211 trillion and demonstrate that the entries are accurate, valid and supported by credible documentation.”

According to SERAP, “The Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public’s right to access information held by public institutions, including the NNPCL, to enable citizens to research the management of public resources.”

The suit was filed on behalf of SERAP by its lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.

There is no definite date for the trial of the lawsuit.