By Sandra Kenneth
The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPCL) to court over its alleged failure to account for ₦211 trillion recorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements.
In suit number FHC/ABJIC/1427/2026, filed last week at the Federal High Court in Abuja, the rights organization is asking the court for an order of mandamus to compel the state oil company to disclose full records and documents explaining the massive entries.
According to a statement issued on Sunday by SERAP’s Deputy Director, Kolawole Oluwadare, the NNPCL recorded over ₦211.01 trillion—comprising ₦107.6 trillion in sundry receivables and ₦103.4 trillion in accrued expenses—without providing adequate detail for public scrutiny.
Demands for Transparency
Through its legal counsel Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo, and Maryam Mumuni—SERAP is seeking an explicit judicial directive ordering NNPCL to:
Provide a full reconciliation and breakdown of the ₦107.6 trillion in sundry receivables, including debtor identities, specific amounts owed, and recovery statuses.
Disclose complete documentation for the ₦103.4 trillion in accrued expenses, detailing creditor identities and the legal bases of the liabilities.
Publish all supporting records used to prepare and approve the ₦211 trillion financial entries.
SERAP defined sundry receivables as funds owed to NNPCL by third parties that remain uncollected, while accrued expenses represent liabilities incurred for goods and services that have yet to be settled.
The advocacy group argued that disclosing the information is a matter of paramount public interest, emphasizing that NNPCL remains bound by the Freedom of Information (FOI) Act and the African Charter on Human and Peoples’ Rights despite its commercialized structure under the Petroleum Industry Act (PIA).
“The funds managed by NNPCL are public funds derived from Nigeria’s petroleum resources, which belong to the Federation,” SERAP stated. “Secrecy over the management of oil revenues undermines the rule of law, weakens public trust, and violates constitutional and international accountability standards.”
SERAP noted that its legal action followed NNPCL’s failure to respond to a formal FOI request within the legally mandated timeframe, an omission treated under the Act as a refusal.
No date has been fixed yet for the hearing at the Federal High Court.
