SERAP sues NNPCL over failure to account for ₦211 trillion in oil funds

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company Limited (NNPCL). The suit targets the company's "failure to explain and account for ₦211 trillion in oil money" recorded in its 2023 audited financial statements. These funds are listed as 'Sundry Receivables' and 'Accrued Expenses' without adequate explanation or public scrutiny.

“

an order of mandamus directing and compelling the NNPCL to account for the ₦211 trillion and disclose all documents and information relating to the transactions recorded in its 2023 audited financial statements.

Filed at the Federal High Court in Abuja, the lawsuit seeks a mandamus order compelling NNPCL to provide a detailed explanation and supporting documents for the ₦107.6 trillion in 'Sundry Receivables.' SERAP also demands a breakdown of the ₦103.4 trillion in 'Accrued Expenses,' including the identities of creditors and beneficiaries, and the legal basis for these transactions.

“

direct and compel the NNPCL to provide a detailed explanation, reconciliation and supporting documents relating to the ₦107.6 trillion recorded as ‘Sundry Receivables’, including the identities of the debtors, the amounts owed, the legal basis for the receivables and the status of recovery efforts.

SERAP argues that there is an overriding public interest in disclosing this information. The organization asserts that NNPCL has a legal duty to demonstrate the accuracy and lawfulness of these entries. Citing the Freedom of Information Act and the African Charter on Human and Peoples’ Rights, SERAP emphasizes the public's right to access information held by public institutions to scrutinize the management of public resources. The group believes that disclosure will promote transparency, prevent corruption, and strengthen fiscal accountability.

“

direct and compel the NNPCL to disclose the complete breakdown and supporting documents relating to the ₦103.4 trillion recorded as ‘Accrued Expenses’, including the identities of the creditors and beneficiaries, the nature and legal basis of the liabilities, and the documents establishing their legitimacy.