The Socio-Economic Rights and Accountability Project (SERAP) has dragged the Nigerian National Petroleum Company Limited (NNPC Ltd) before the Federal High Court in Abuja, seeking an order compelling the state-owned oil company to explain and disclose details surrounding more than N211 trillion 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 and asks the court to direct NNPC Ltd to release documents, reconciliations and other records relating to the disputed accounting entries.
According to SERAP, the oil company reported N107.6 trillion under “Sundry Receivables” and N103.4 trillion as “Accrued Expenses” in its audited accounts without providing sufficient explanations that would enable Nigerians to scrutinise the transactions.
The organisation argued that given NNPC’s strategic role in managing Nigeria’s petroleum resources, the public has a legal right to know who owes the company the receivables, who is entitled to the accrued payments, and the legal basis for the transactions.
SERAP is asking the court to compel the company to disclose all records used in preparing the figures and provide detailed reconciliations for both accounting entries.
It also wants the oil company to identify debtors linked to the receivables, explain recovery efforts and reveal the identities of creditors or beneficiaries connected to the accrued expenses.
The group argued that the Freedom of Information Act guarantees Nigerians access to information held by public institutions and maintained that NNPC Ltd remains subject to the law despite its status under the Petroleum Industry Act.
According to SERAP, disclosure is necessary to strengthen transparency, promote fiscal accountability and enable public scrutiny of the management of Nigeria’s oil wealth.
The organisation also said NNPC failed to respond to its Freedom of Information request within the timeframe required by law, prompting it to seek judicial intervention.
The suit was filed on behalf of SERAP by lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni.
No hearing date has yet been fixed by the Federal High Court.
The case is expected to test the extent of NNPC Ltd’s obligations under Nigeria’s Freedom of Information Act and could have significant implications for transparency and public accountability in the country’s oil sector.
