RismadarVoice Reporters, July 26, 2026
The Socio-Economic Rights and Accountability Project (SERAP) has instituted a suit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, seeking an order compelling the state-owned oil company to account for over ₦211 trillion recorded in its 2023 audited financial statements under the headings “Sundry Receivables” and “Accrued Expenses.”
In the suit marked FHC/ABJ/CS/1426/2027, SERAP is asking the court to direct the NNPCL to disclose detailed information and supporting documents relating to the transactions, which it argues were not sufficiently explained in the company’s audited accounts.
According to the civil society organisation, the NNPCL recorded a total of ₦211.015 trillion in its 2023 audited financial statements as ₦107.6 trillion under Sundry Receivables and ₦103.4 trillion under Accrued Expenses, without providing adequate details to enable public scrutiny.
SERAP contends that the absence of sufficient disclosure raises concerns about transparency and accountability in the management of Nigeria’s oil revenues.
In the suit, the organisation is seeking an order of mandamus compelling the NNPCL to provide a detailed reconciliation of the ₦107.6 trillion recorded as Sundry Receivables, including the identities of debtors, the amounts owed, the legal basis for the receivables and the status of efforts to recover the funds.
It is also asking the court to order the company to disclose a comprehensive breakdown of the ₦103.4 trillion listed as Accrued Expenses, including the identities of creditors and beneficiaries, the nature of the liabilities, their legal basis and documents supporting the legitimacy of the obligations.
SERAP further requested that the court compel the NNPCL to release all records relied upon in preparing and approving the financial entries contained in the company’s 2023 audited accounts.
The organisation argued that there is an overriding public interest in ensuring transparency in the management of Nigeria’s petroleum resources, maintaining that citizens have a constitutional and statutory right to know how public funds are managed.
According to SERAP, the Freedom of Information Act guarantees Nigerians access to information held by public institutions, while the African Charter on Human and Peoples’ Rights also protects citizens’ right to receive information necessary for public accountability.
The group maintained that disclosure of the requested information would promote transparency, strengthen fiscal accountability, prevent corruption and enable citizens to independently assess whether the financial transactions complied with applicable laws and public financial management standards.
SERAP argued that Nigerians are entitled to know who owes the ₦107.6 trillion recorded as receivables, who is expected to receive payment from the ₦103.4 trillion listed as accrued expenses, and whether the transactions are backed by valid legal and financial documentation.
The suit, filed on behalf of SERAP by lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, explained that Sundry Receivables represent money the NNPCL claims is owed to it by individuals, companies or government entities but has not yet been collected.
It also stated that Accrued Expenses refer to financial obligations the company says it has incurred for goods, services or other liabilities that remain unpaid.
SERAP argued that despite the significant value of the two entries, the audited financial statements do not sufficiently identify the parties involved, explain the legal basis of the transactions or provide supporting documentation that would enable independent verification.
The organisation further alleged that the NNPCL failed to respond to its earlier request made under the Freedom of Information Act, contending that the law treats such non-response as a refusal, thereby entitling it to seek judicial intervention.
According to SERAP, the Petroleum Industry Act did not exempt the NNPCL from the provisions of the Freedom of Information Act, arguing that the company remains wholly owned by the Federal Government and continues to manage Nigeria’s petroleum resources on behalf of the federation.
The organisation also maintained that revenues generated from the country’s oil resources remain public funds irrespective of the company’s corporate structure and should therefore be subject to public scrutiny.
It argued that continued secrecy surrounding the management of oil revenues undermines public trust, weakens accountability and is inconsistent with the provisions of the Nigerian Constitution, the Fiscal Responsibility Act, the Financial Regulations and Nigeria’s obligations under international anti-corruption and human rights treaties.
SERAP urged the court to compel full disclosure, insisting that greater transparency in the management of Nigeria’s oil wealth is essential to combating corruption, safeguarding public resources and ensuring that national revenues are utilised for the benefit of citizens.
As of the time of filing this report, the Federal High Court had not fixed a date for hearing the suit, while the NNPCL had yet to issue an official response to the legal action.
