SERAP sues NNPCL over an unexplained N211 trillion in its 2023 audited accounts, demanding full disclosure of transaction details.
The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company Limited (NNPCL) to the Federal High Court in Abuja. The lawsuit challenges the company’s failure to explain N211 trillion recorded in its 2023 audited financial statements. According to court documents, the money was listed as “Sundry Receivables” and “Accrued Expenses.” The case is marked FHC/ABJ/CS/1427/2026. However, the court is yet to fix a hearing date.
SERAP argued that the financial statements did not provide enough details for public scrutiny. The group said N107.6 trillion was recorded as sundry receivables, while N103.4 trillion appeared as accrued expenses. It is now asking the court to order NNPCL to release all documents linked to the transactions. In addition, SERAP wants a full explanation of how the figures were calculated and approved.
The organisation also wants NNPCL to identify everyone connected to the transactions. That includes debtors, creditors and beneficiaries. It is seeking details of the amounts involved, the legal basis for the entries and the current status of any recovery efforts. Furthermore, SERAP is asking the court to compel the company to release every record used in preparing the N211 trillion entries in the audited accounts.
The suit was filed by lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni. According to SERAP, Nigerians have a right to know how public resources are managed. The organisation argued that there is an overriding public interest in making the requested information available. If the court grants the request, NNPCL may be required to provide detailed records that explain the controversial figures in its 2023 financial statements.
