SERAP sues NNPCL over ‘failure to account for ₦211trn oil money’

The Socio-Economic Rights and Accountability Project (SERAP) has initiated legal action against the Nigerian National Petroleum Company (NNPCL), demanding accountability for a staggering ₦211 trillion. This sum, recorded in NNPCL's 2023 audited financial statements under 'Sundry Receivables' and 'Accrued Expenses,' lacks adequate explanation, according to SERAP.

“

failure to explain and account for ₦211 trillion in oil money recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’

The lawsuit, filed at the Federal High Court in Abuja, seeks a court order to compel NNPCL to provide a comprehensive accounting of these funds. SERAP specifically requests detailed breakdowns and supporting documents for the ₦107.6 trillion listed as 'Sundry Receivables,' including the identities of debtors, amounts owed, and recovery efforts. Additionally, the suit demands transparency regarding the ₦103.4 trillion recorded as 'Accrued Expenses,' seeking information on creditors, the nature of liabilities, and their legitimacy.

“

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.

SERAP contends that there is an overriding public interest in disclosing this financial information. The organization asserts that NNPCL has a legal obligation to justify these entries, demonstrating their accuracy, legality, and evidential support. The Freedom of Information Act and the African Charter on Human and Peoples’ Rights are cited as bases for the public's right to access information held by public institutions like NNPCL.

“

There is an overriding public interest in the disclosure of the information sought.

According to SERAP, transparency in managing public resources is crucial for promoting accountability and preventing corruption. The organization emphasizes that Nigerians are entitled to know who owes the ₦107.6 trillion and who is to receive the ₦103.4 trillion in accrued expenses, along with the legal basis for these transactions and their compliance with public accountability standards.

“

The Freedom of Information Act and the African Charter on Human and Peoples’ Rights guarantee the public’s right to access information held by public institutions, including NNPCL, to enable citizens to scrutinise the management of public resources.