SERAP Sues NNPCL Over ₦211 Trillion Financial Entries

The Socio-Economic Rights and Accountability Project (SERAP) has initiated a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) for failing to clarify ₦211 trillion in oil revenue recorded in its 2023 audited financial statements under “Sundry Receivables” and “Accrued Expenses.” Filed as suit No. FHC/ABJ/CS/1426/2027 at the Federal High Court in Abuja, SERAP seeks a court order compelling NNPCL to account for the ₦211 trillion and disclose all related documents.

SERAP demands detailed explanations for ₦107.6 trillion in “Sundry Receivables,” including debtor identities and recovery efforts, and for ₦103.4 trillion in “Accrued Expenses,” including creditor identities and legitimacy documents. SERAP argues that public interest necessitates this disclosure to promote transparency, prevent corruption, and ensure accountability.

The suit is backed by SERAP's lawyers Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo, and Maryam Mumuni.