SERAP sues NNPCL over alleged failure to account for ₦211 trillion in oil money
via Punch Nigeria4 min read
The Socio-Economic Rights and Accountability Project SERAP has filed a lawsuit against the Nigerian National Petroleum Company Limited NNPCL regarding its alleged failure to explain and account for ₦211 trillion recorded as 'Sundry Receivables' and 'Accrued Expenses' in its 2023 audited financial statements. SERAP's Deputy Director, Kolawole Oluwadare, stated that the NNPCL's financial statements lack adequate explanation and sufficient information for public scrutiny of these funds. The lawsuit, filed at the Federal High Court in Abuja, seeks a court order compelling NNPCL to account for the ₦211 trillion and disclose all related documents and information. SERAP is specifically requesting a detailed explanation, reconciliation, and supporting documents for the ₦107.6 trillion recorded as 'Sundry Receivables,' including debtor identities, amounts owed, legal basis, and recovery status. It also demands a complete breakdown and supporting documents for the ₦103.4 trillion recorded as 'Accrued Expenses,' including creditor identities, nature and legal basis of liabilities, and legitimacy documents. SERAP argues that there is an overriding public interest in this disclosure, as the NNPCL has a legal duty to explain and demonstrate the accuracy and lawfulness of these entries. The organization asserts that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee public access to such information, promoting transparency, preventing corruption, a
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