SERAP Sues NNPCL Over ₦211 Trillion Oil Money Discrepancy

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL) for its alleged failure to account for ₦211 trillion recorded in its 2023 audited financial statements under 'Sundry Receivables' and 'Accrued Expenses.' This lawsuit, filed as No. FHC/ABJIC/1427/2026 at the Federal High Court in Abuja, demands that NNPCL provide detailed explanations and documentation regarding the ₦107.6 trillion in 'Sundry Receivables' and ₦103.4 trillion in 'Accrued Expenses.' SERAP argues that there is a significant public interest in disclosing this information, which is necessary for transparency, preventing corruption, and ensuring fiscal accountability.

The organization emphasizes that Nigerians have the right to know the identities of debtors and creditors, the legal basis for these transactions, and whether they comply with applicable laws. The suit was announced by SERAP's Deputy Director, Kolawole Oluwadare, and is supported by lawyers Oluwakemi Agunbiade and Kehinde Oyewumi.