SERAP Sues NNPCL, Seeks Court Order Over ₦211 Trillion Entries in 2023 Audited Financial Statements

Rights group asks Federal High Court to compel NNPCL to disclose records and explain ₦211 trillion recorded as sundry receivables and accrued expenses.

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking a court order compelling the company to account for ₦211.02 trillion recorded as "Sundry Receivables" and "Accrued Expenses" in its 2023 audited financial statements.

According to SERAP, the suit, marked FHC/ABJ/CS/1427/2026, was filed at the Federal High Court in Abuja last week. The organisation is requesting an order of mandamus directing the NNPCL to disclose documents and provide detailed explanations for the financial entries, which it says total ₦211,015,245,000,000. 

SERAP is asking the court to compel the company to explain 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 recovery efforts.

The organisation is also seeking a detailed 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 supporting documents establishing the legitimacy of the transactions.

In addition, SERAP is requesting that the court direct the NNPCL to disclose all records, working documents, and information used in preparing and approving the financial entries contained in the company's 2023 audited financial statements.

SERAP argues that the information sought is of significant public interest, maintaining that the NNPCL has a legal obligation to explain the accounting entries and demonstrate that they are accurate, lawful, and supported by credible documentation. The organisation cited the Freedom of Information Act and the African Charter on Human and Peoples' Rights as the legal basis for its request for disclosure. 

The lawsuit comes amid heightened public and legislative scrutiny of the NNPCL's audited accounts. Earlier this month, the Senate Public Accounts Committee directed the company's external auditors to provide a detailed explanation of more than ₦210 trillion recorded as receivables and payables in the 2023 financial statements after lawmakers raised concerns over unreconciled figures.