SERAP Sues NNPCL Over Alleged ₦211tn Unexplained Oil Money

SERAP has taken NNPCL to court over more than ₦211 trillion recorded in the oil company’s 2023 audited accounts as sundry receivables and accrued expenses.

The accountability group is asking the Federal High Court in Abuja to compel NNPCL to explain the entries and release documents showing who owes the money, who should be paid, and the legal basis for the transactions.

The suit, filed last week as FHC/ABJ/CS/1427/2026, follows SERAP’s claim that NNPCL did not give enough information for public scrutiny of the figures in its audited statements.

The disputed entries total ₦211,015,245,000,000. SERAP says ₦107.6 trillion was listed as sundry receivables, while ₦103.4 trillion was listed as accrued expenses.

Sundry receivables are amounts NNPCL says are owed to it by individuals, companies or government entities but have not yet been received. Accrued expenses are amounts the company says it owes for goods, services or other obligations that have been incurred but not yet paid.

In the court papers, SERAP wants NNPCL directed to provide a detailed explanation and reconciliation of the ₦107.6 trillion receivables, including the identities of debtors, the amounts owed, the legal basis for the debts and the status of recovery efforts.

The group is also asking for a full breakdown of the ₦103.4 trillion in accrued expenses, including the identities of creditors or beneficiaries, the nature of the liabilities and documents supporting them.

SERAP argues that NNPCL remains subject to the Freedom of Information Act because it is wholly owned by the Federal Government and manages petroleum resources and oil revenues on behalf of the federation.

The organisation says the Petroleum Industry Act did not remove NNPCL’s duty to operate transparently and account for public funds. It also says NNPCL’s alleged failure to respond to its Freedom of Information request amounts to a refusal under the law.

SERAP said Nigerians have a right to know whether the entries comply with public accountability standards and whether the transactions are properly documented. No date has been fixed for the hearing.

Sources: Punch, Vanguard, Premium Times