SERAP asks court to compel NNPC to account for N211tn

Make PUNCH part of your everyday experience.Add us to your Preferred Sources SERAP asks court to compel NNPC to account for N211tn News July 27, 2026 1:21 am By  Onozure Dania Kindly share this story: The Socio-Economic Rights and Accountability Project has instituted a suit against the Nigerian National Petroleum Company Limited at the Federal High Court in Abuja, seeking an order compelling the state-owned oil firm to account for over N211tn recorded as “Sundry Receivables” and “Accrued Expenses” in its 2023 audited financial statements. The suit, marked FHC/ABJ/CS/1427/2026, was filed last week. SERAP contended that the NNPC Ltd recorded N211.015tn under the two accounting entries in its 2023 audited financial statements without providing adequate details of the transactions or sufficient information to enable Nigerians to scrutinise how the funds were recorded. As part of the reliefs sought, the organisation is asking the court for “an order of mandamus directing and compelling the NNPCL to account for the N211tn and disclose all documents and information relating to the transactions recorded in its 2023 audited financial statements.” SERAP is also seeking an order directing the oil company to “provide a detailed explanation, reconciliation and supporting documents relating to the N107.6tn 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.” It further urged the court to compel NNPCL to “disclose the complete breakdown and supporting documents relating to the N103.4tn recorded as ‘Accrued Expenses’, including the identities of the creditors and beneficiaries, the nature and legal basis of the liabilities, and the documents establishing their legitimacy.” The organisation is equally asking the court to direct the company to “disclose all records relied upon in preparing and approving the N211tn recorded as ‘Sundry Receivables’ and ‘Accrued Expenses’ in its 2023 audited financial statements.” Explaining the basis for the suit, SERAP argued that “there is an overriding public interest in the disclosure of the information sought.Make PUNCH part of your everyday experience.Add us to your Preferred Sources “The NNPCL has a legal duty to explain and account for the N211tn and demonstrate that the entries are accurate, lawful and supported by credible documentation.” The group maintained that “the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public’s right to access information held by public institutions, including NNPCL, to enable citizens to scrutinise the management of public resources.” It added that “disclosure of the information is necessary to promote transparency, prevent corruption, strengthen fiscal accountability and ensure effective public oversight of NNPCL’s operations.” SERAP further submitted that “Nigerians have the right to know who owes the N107.6tn, who is entitled to the N103.4tn in accrued expenses, the legal basis for the transactions, and whether the entries comply with applicable laws and public accountability standards.” The suit was filed on behalf of the organisation by its lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni. Related News Mutual Benefits Assurance to review Q3 results late October Dangote Cement reschedules board meeting on financial statements Consolidated Hallmark to review Q3 results this month The court processes read: “’Sundry Receivables’ are amounts of money that NNPCL says are owed to it by individuals, companies or government entities but which it has not yet received. “’Accrued Expenses’ are amounts that NNPCL says it owes to others for goods, services or other obligations that have been incurred but not yet paid. “Together, these entries account for over N211 trillion in NNPCL’s 2023 audited financial statements.” “Yet the financial statements do not adequately explain who owes the money, who is to be paid, the legal basis for the transactions, or provide the supporting documents necessary for Nigerians to independently scrutinise and verify these enormous sums.” SERAP argued that “NNPCL’s failure to disclose the requested information undermines transparency, accountability and public confidence in the management of Nigeria’s oil wealth, and prevents Nigerians from determining whether the transactions are lawful and properly documented.” The organisation further stated that “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 and oil revenues on behalf of the Federation. “The Petroleum Industry Act did not remove NNPCL’s legal obligations to operate transparently and accountably.” It added that “The funds managed by NNPCL are public funds, regardless of the company’s corporate status, because they are derived from Nigeria’s petroleum resources, which belong to the Federation. Nigerians have a legal right to scrutinise how these resources are managed.” SERAP also told the court that “NNPCL failed to comply with SERAP’s Freedom of Information request despite the clear timelines prescribed by the Freedom of Information Act. Under the Act, its failure to respond is deemed a refusal, entitling SERAP to seek judicial intervention to compel full disclosure.” The organisation maintained that “The information requested is not exempt from disclosure under the Freedom of Information Act and concerns matters of overwhelming public interest relating to transparency, fiscal accountability, good governance and the prudent management of Nigeria’s oil wealth.” It further argued that “Secrecy over the management of oil revenues undermines the rule of law, weakens public trust, and is inconsistent with the Nigerian Constitution 1999 (as amended), the Fiscal Responsibility Act, the Financial Regulations, and Nigeria’s obligations under the UN Convention against Corruption, the African Charter on Human and Peoples’ Rights and the International Covenant on Civil and Political Rights.” SERAP added that “Greater transparency and accountability in the management of Nigeria’s oil revenues are essential to combating corruption, protecting public resources and ensuring that the country’s wealth is used to improve the lives and well-being of Nigerians.” No date has been fixed for the hearing of the suit. Onozure Dania Onozure is a correspondent of The PUNCH on the judiciary beat. She has over a decade experience covering criminal and civil matters from the magistrate to the appellate courts. She’s a graduate of Political Science Kindly share this story: All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Contact: [email protected] Make PUNCH part of your everyday experience.Add us to your Preferred Sources Stay informed and ahead of the curve! Follow The Punch Newspaper on WhatsApp for real-time updates, breaking news, and exclusive content. Don't miss a headline – join now! Join The Punch Newspapers Channel Stay in the know—fast. Get instant alerts, breaking headlines, and exclusive stories with the Punch News App. Download now and never miss a beat. Get the Punch News App