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

The Socio-Economic Rights and Accountability Project (SERAP) has initiated a lawsuit against the Nigerian National Petroleum Company (NNPCL). The suit challenges NNPCL's "failure to explain and account for ₦211 trillion in oil money" recorded in its 2023 audited financial statements under the categories 'Sundry Receivables' and 'Accrued Expenses'.

SERAP alleges that NNPCL recorded over ₦211 trillion (approximately $14.8 billion USD) without adequate explanation or sufficient information for public scrutiny. The lawsuit, filed at the Federal High Court in Abuja, seeks a court order compelling NNPCL to provide a detailed breakdown and supporting documents for these transactions.

Specifically, SERAP wants NNPCL to account for ₦107.6 trillion listed as 'Sundry Receivables,' including the identities of debtors, amounts owed, the legal basis for these receivables, and recovery efforts. Additionally, the organization seeks a complete breakdown of ₦103.4 trillion recorded as 'Accrued Expenses,' detailing creditors, beneficiaries, the nature and legal basis of the liabilities, and documentation proving their legitimacy.

SERAP contends that there is an overriding public interest in disclosing this information, citing the NNPCL's legal duty to ensure accuracy, lawfulness, and credible documentation for these entries. The organization asserts that the Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public's right to access such information, which is essential for promoting transparency, preventing corruption, strengthening fiscal accountability, and ensuring effective public oversight of NNPCL's operations. Nigerians, SERAP argues, have the right to know who owes the money and who is entitled to the accrued expenses.