The Socio-Economic Rights and Accountability Project (SERAP) has taken the Nigerian National Petroleum Company Limited (NNPCL) to the Federal High Court in Abuja over what it described as the company’s failure to explain and account for more than ₦211 trillion recorded in its 2023 audited financial statements.
The lawsuit, filed last week, seeks a court order directing the oil company to provide full details of the transactions and release documents linked to the funds.
According to SERAP, the disputed amount consists of over ₦107.6 trillion listed as Sundry Receivables and about ₦103.4 trillion recorded as Accrued Expenses. The organisation said the financial statements did not clearly identify those involved in the transactions or provide enough information for Nigerians to understand how the figures were arrived at.
The group is asking the court to compel NNPCL to release a complete breakdown of the receivables, including the identities of debtors, the amounts owed, the legal basis for the debts and the steps taken to recover the money. It also wants details of the accrued expenses, including the names of creditors and beneficiaries, the reasons for the liabilities and the records supporting the transactions.
SERAP further requested that the company disclose all documents used in preparing and approving the entries contained in the 2023 audited financial statements. It argued that the public has a legal right to know how the country’s oil resources are managed and whether the financial records comply with existing laws.
The organisation maintained that NNPCL remains subject to the Freedom of Information Act despite operating under the Petroleum Industry Act because it is fully owned by the Federal Government and manages public resources on behalf of Nigerians. It said access to the requested information would allow citizens to examine the management of the country’s oil wealth and improve accountability.
SERAP also told the court that it had earlier submitted a Freedom of Information request to NNPCL but received no response within the period required by law. It argued that the company’s silence amounted to a refusal, leaving legal action as the next available step.
The group added that greater openness in the management of oil revenue is necessary to strengthen public trust, improve accountability and ensure that public resources are managed in line with the Constitution, financial regulations and Nigeria’s international obligations.
The case has been filed before the Federal High Court in Abuja, but a hearing date has not yet been fixed. The legal action comes as civil society organisations continue to demand greater transparency from NNPCL over the handling of Nigeria’s oil revenues.