SERAP Sues NNPCL Over Unexplained ₦211 Trillion in 2023 Audited Financial Statements

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By AfreecanImage News Desk

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja, demanding full disclosure and accountability over ₦211 trillion recorded in the company's 2023 audited financial statements.

The suit, marked FHC/ABJ/CS/1427/2026, seeks an order of mandamus compelling NNPCL to release all documents, records and information relating to the transactions classified as "Sundry Receivables" and "Accrued Expenses."

Breakdown of the Amount in Dispute

According to SERAP, the 2023 audited financial statements show:

  • ₦107.6 trillion recorded as Sundry Receivables.
  • ₦103.4 trillion recorded as Accrued Expenses.

The organisation argues that the financial statements did not provide enough information to allow Nigerians or other stakeholders to properly scrutinise the transactions.

What SERAP Wants the Court to Order

SERAP is asking the Federal High Court to compel NNPCL to provide:

  • A detailed explanation of the ₦107.6 trillion classified as sundry receivables.
  • The identities of all debtors linked to the receivables.
  • The specific amounts owed by each debtor.
  • The legal basis for the receivables.
  • The status of efforts made to recover the outstanding amounts.

Regarding the ₦103.4 trillion recorded as accrued expenses, SERAP is requesting:

  • A comprehensive breakdown of the liabilities.
  • The identities of all creditors and beneficiaries.
  • The nature and legal basis of each liability.
  • Supporting documents establishing the legitimacy of the recorded expenses.



The organisation also wants the court to order NNPCL to release every record, document and calculation used in preparing and approving the ₦211 trillion entries contained in its 2023 audited financial statements.

SERAP Cites Public Interest

In the suit filed by its legal team comprising Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, SERAP argued that Nigerians have a right to know how public resources are being managed.

The organisation maintained that there is an overriding public interest in ensuring transparency and accountability regarding the financial records of the national oil company.

Hearing Yet to Be Scheduled

As of the time of filing this report, the Federal High Court has not fixed a date for the hearing of the case.

If granted, the reliefs sought by SERAP would require NNPCL to publicly disclose detailed information and supporting documentation relating to the disputed financial entries in its 2023 audited accounts.



Source: Socio-Economic Rights and Accountability Project (SERAP)

For more breaking news, governance updates, business, economy and accountability reports, visit AfreecanImage.blogspot.com.

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