SERAP Sues NNPCL Over Alleged Failure To Account For ₦211 Trillion In 2023 Financial Statements

SERAP Sues NNPCL Over Alleged Failure to Account for ₦211 Trillion in 2023 Financial StatementsThe Socio-Economic Rights and Accountability Project SERAP has filed a lawsuit against the Nigerian National Petroleum Company Limited NNPCL at the Federal High Court in Abuja, seeking to compel the state-owned oil company to explain and account for ₦211 trillion recorded in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses. According to the suit, marked FHC/ABJ/CS/1427/2026, SERAP is asking the court to issue an order of mandamus directing NNPCL to disclose all documents and information relating to the transactions and provide a detailed explanation of the accounting entries. The organization argues that the company has a legal obligation to ensure transparency and accountability in the management of public resources. SERAP contends that the audited financial statements recorded approximately ₦107.6 trillion as sundry receivables and ₦103.4 trillion as accrued expenses without sufficient disclosure to enable public scrutiny. It is requesting a breakdown of the receivables, including the identities of debtors, amounts owed, legal basis for the claims, and the status of recovery efforts. The group also seeks details of the accrued expenses, including the identities of creditors and beneficiaries, the nature of the liabilities, and supporting documentation establishing their legitimacy. The rights organization further wants the court to compel NNPCL to release all records relied upon in preparing and approving the ₦211 trillion entries contained in its 2023 audited financial statements. SERAP argues that public disclosure of the information is in the overriding public interest and is necessary to strengthen transparency, accountability, and confidence in the management of Nigeria’s oil revenues. As of the filing of the suit, no hearing date had been fixed by the Federal High Court. NNPCL had not publicly responded to the allegations or the reliefs sought in the lawsuit.