The Socio-Economic Rights and Accountability Project (SERAP) has instituted legal proceedings against the Nigerian National Petroleum Company Limited (NNPCL) over what it describes as the company’s failure to properly explain ₦211 trillion recorded in its 2023 audited financial statements. The lawsuit, filed before the Federal High Court in Abuja, challenges financial entries listed as “Sundry Receivables” and “Accrued Expenses,” which together amount to ₦211,015,245,000,000.
In suit No. FHC/ABJ/CS/1427/2026, SERAP is asking the court to compel NNPCL to account for the NNPCL ₦211 trillion entries by providing detailed explanations and all supporting records connected to the transactions. The organisation specifically wants the court to order NNPCL to disclose documents relating to the ₦107.6 trillion recorded as Sundry Receivables, including: the identities of all debtors, individual amounts owed, the legal basis for each receivable, recovery efforts made by the company.
SERAP is also requesting comprehensive documentation for the ₦103.4 trillion classified as Accrued Expenses, including the identities of creditors and beneficiaries, the nature of the liabilities, their legal justification and documents establishing their legitimacy.
According to SERAP, there is overwhelming public interest in ensuring that the NNPCL ₦211 trillion entries are fully explained and supported by credible documentation.
The organisation argued that the Freedom of Information Act, together with the African Charter on Human and Peoples’ Rights, guarantees Nigerians the right to obtain information from public institutions responsible for managing national resources. SERAP maintained that greater transparency would strengthen fiscal accountability, discourage corruption and enable citizens to scrutinise how Nigeria’s oil wealth is managed.
Explaining the disputed entries, SERAP noted that Sundry Receivables represent funds NNPCL claims are owed by individuals, companies or government agencies but have not yet been received. Meanwhile, Accrued Expenses represent liabilities the company says it owes for goods, services or other obligations that have been incurred but remain unpaid.
The organisation argued that while both entries account for more than ₦211 trillion, the financial statements fail to adequately identify the parties involved, explain the legal basis for the transactions or provide documentation that would allow independent verification.
SERAP further argued that despite the Petroleum Industry Act, NNPCL remains fully subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages Nigeria’s petroleum resources on behalf of the federation.
According to the group, revenues generated from the country’s oil resources remain public funds, making transparency and accountability legal obligations rather than discretionary practices. The organisation also alleged that NNPCL failed to respond within the timelines prescribed by the Freedom of Information Act after receiving its request for the records, effectively amounting to a refusal under the law.
SERAP contended that continued secrecy surrounding the NNPCL ₦211 trillion entries weakens public trust, undermines the rule of law and conflicts with Nigeria’s constitutional and international obligations on transparency and accountability. The suit was filed by SERAP’s legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni. As of the time of filing, the Federal High Court had not fixed a date for hearing the case.
