The Socio-Economic Rights and Accountability Project, SERAP, has filed a lawsuit against the Nigerian National Petroleum Company, NNPC, over an alleged failure to explain and account for the sum of ₦211 trillion in oil money recorded in its 2023 audited financial statements.
SERAP, in a released statement, disclosed that the NNPC recorded the sum for an oil money in its 2023 audited financial statements as Sundry Receivable and Accrued Expenses without adequately explaining the transactions or providing sufficient information to enable public scrutiny of the funds.
The circular made available by SERAP’s Deputy Director, Kolawole Oluwadare, on Sunday, disclosed that the body filed a suit numbered FHC/ABJIC/1427/2026 last week at the Federal High Court in Abuja, seeking an order of mandamus directing and compelling the NNPCL to account for the ₦211 trillion and disclose all documents and information relating to the transactions recorded in its 2023 audited financial statements.
It is also asking the court to compel the petroleum company to provide a detailed explanation, reconciliation and supporting documents relating to 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 recovery efforts.
The suit also argues that there is an overriding public interest in the disclosure of the information sought, adding that 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 lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni in n the statement, held that no date has been fixed for the hearing of the suit.
SERAP’s legal action adds to growing calls for greater transparency in the management of Nigeria’s oil revenues
Since the implementation of the Petroleum Industry Act, civil society groups have continued to demand increased accountability from the Nigerian National Petroleum Company, arguing that its management of public resources remains subject to the provisions of the Freedom of Information Act despite its commercial status