The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), asking the Federal High Court in Abuja to compel the company to explain and provide detailed records for over ₦211 trillion listed as "Sundry Receivables" and "Accrued Expenses" in its 2023 audited financial statements.
According to the suit, marked FHC/ABJ/CS/1427/2026, SERAP argues that NNPCL failed to provide sufficient details about the transactions behind the figures, making it impossible for Nigerians to verify how the funds were recorded.
The organization is asking the court to order NNPCL to:
Provide a full explanation of the ₦107.6 trillion recorded as Sundry Receivables, including the identities of debtors, amounts owed, legal basis for the debts, and recovery efforts.
Disclose details of the ₦103.4 trillion listed as Accrued Expenses, including the names of creditors, beneficiaries, and documents supporting the liabilities.
Release all records and documents used in preparing and approving the financial entries.
SERAP said the information is of significant public interest, arguing that Nigerians have the right to know how public oil revenues are being managed. The group maintained that NNPCL remains subject to the Freedom of Information Act, despite its corporate status under the Petroleum Industry Act.
The organization also stated that NNPCL failed to respond to its earlier Freedom of Information request within the legal timeframe, prompting it to seek judicial intervention.
SERAP argued that greater transparency is necessary to strengthen accountability, combat corruption, and ensure Nigeria's oil wealth is managed in the public interest.
No hearing date has been fixed for the case.
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