The Socio-Economic Rights and Accountability Project has dragged the Nigerian National Petroleum Company Limited before the Federal High Court in Abuja over its alleged failure to explain the management of more than ₦211 trillion recorded in its 2023 audited financial statements.
SERAP, in a statement issued by its Deputy Director, Kolawole Oluwadare, said the amount was listed under two financial categories — ₦107.6 trillion in “Sundry Receivables” and ₦103.4 trillion in “Accrued Expenses.”
The organisation is asking the court to compel NNPCL to provide detailed information and supporting documents explaining the transactions behind the figures.
The suit, marked FHC/ABJ/CS/1427/2026, was filed at the Federal High Court in Abuja by SERAP’s lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.
Among other reliefs, SERAP is seeking an order directing NNPCL to identify the individuals, companies or government entities allegedly responsible for the ₦107.6 trillion recorded as sundry receivables.
It also wants the oil company to disclose the amounts owed by each debtor, the legal basis for the receivables and the steps being taken to recover the funds.
On the ₦103.4 trillion classified as accrued expenses, SERAP is asking the court to compel NNPCL to reveal the identities of creditors and beneficiaries, explain the nature and legal basis of the liabilities, and provide documents showing that the transactions are legitimate.
The organisation further wants access to all records used in preparing and approving the entries contained in NNPCL’s 2023 audited financial statements.
SERAP said the information was necessary in the public interest, arguing that Nigerians have the right to know how the country’s oil resources and revenues are being managed.
“There is an overriding public interest in the disclosure of the information sought,” the organisation said.
It added, “The NNPCL has a legal duty to explain and account for the ₦211 trillion and demonstrate that the entries are accurate, lawful and supported by credible documentation.”
SERAP also argued that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens access to information held by public institutions.
According to the group, the disclosure would help promote transparency, prevent corruption and strengthen public oversight of the management of Nigeria’s petroleum resources.
The organisation said, “Nigerians have the right to know who owes the ₦107.6 trillion, who is entitled to the ₦103.4 trillion in accrued expenses, the legal basis for the transactions, and whether the entries comply with applicable laws and public accountability standards.”
SERAP maintained that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and is responsible for managing the country’s petroleum resources and oil revenues.
It said the Petroleum Industry Act did not remove the company’s obligations to operate transparently and accountably.
“The funds managed by NNPCL are public funds, regardless of the company’s corporate status, because they are derived from Nigeria’s petroleum resources, which belong to the Federation,” SERAP stated.
The group further alleged that NNPCL failed to respond to its Freedom of Information request within the period prescribed by law, which it said amounted to a refusal and prompted the legal action.
SERAP argued that the information it requested was not exempt from disclosure under the Freedom of Information Act, stressing that the matter was of significant public interest.
It said, “Secrecy over the management of oil revenues undermines the rule of law, weakens public trust, and is inconsistent with the Nigerian Constitution 1999 (as amended), the Fiscal Responsibility Act, the Financial Regulations, and Nigeria’s obligations under the UN Convention against Corruption.”
The organisation is also seeking greater transparency in the management of Nigeria’s oil revenues, saying accountability was necessary to protect public resources and ensure that the country’s petroleum wealth benefits citizens.
No date has been fixed for the hearing of the suit.
