SERAP Sues NNPCL over Missing ₦211 Trillion 

Chuks Okocha in Abuja 

The Socio-Economic Rights and Accountability Project (SERAP), has filed a suit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court, Abuja, seeking an order compelling the state-owned oil company to account for ₦211 trillion recorded in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses.”

In the suit marked FHC/ABJ/CS/1427/2026, filed last week, the civic organisation alleged that NNPCL failed to adequately explain the transactions behind the ₦211.015 trillion reflected in the audited accounts, thereby denying Nigerians the opportunity to scrutinise the management of public funds.

SERAP asked the court to issue an order of mandamus directing the oil company to disclose all documents, records and information relating to the entries contained in the financial statements.

Specifically, the organisation sought a detailed explanation and reconciliation of the ₦107.6 trillion recorded as “Sundry Receivables,” including the identities of the debtors, the amounts owed, the legal basis for the receivables and the status of efforts to recover the funds.

It also wanted the court to compel NNPCL to provide a complete breakdown of the ₦103.4 trillion listed as “Accrued Expenses,” including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and supporting documents establishing the legitimacy of the obligations.

SERAP further requested an order directing the company to disclose all records relied upon in preparing and approving the ₦211 trillion entries in its 2023 audited financial statements.

In the originating process, the organisation argued that there was an overriding public interest in ensuring transparency and accountability in the management of Nigeria’s oil revenues.

According to SERAP, the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee citizens’ right to access information held by public institutions, including NNPCL, to enable effective public oversight of public resources.

The organisation maintained that Nigerians have the right to know who owes the ₦107.6 trillion recorded as receivables, 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 accountability standards.

SERAP also contended that disclosure of the information sought would promote transparency, strengthen fiscal accountability, prevent corruption and enhance public confidence in the management of Nigeria’s petroleum resources.

The suit, filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, argued that while “Sundry Receivables” represent funds NNPCL claims were owed to it by individuals, companies or government entities, “Accrued Expenses” were liabilities the company says it owes for goods, services and other obligations that have been incurred but remained unpaid.