Socio-economic Rights and Accountability Project (SERAP) has sued the Nigerian National Petroleum Company Limited (NNPCL) at the Federal High Court in Abuja over its failure to explain and account for N211 trillion recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’
In the suit marked FHC/ABJ/CS/1427/2026, SERAP is seeking an order of mandamus compelling the national oil company to disclose all documents and information relating to the transactions and provide a detailed account of the entries, reports The Guardian.
According to SERAP, the audited financial statements recorded N107.6 trillion as sundry receivables and N103.4 trillion as accrued expenses, but failed to provide sufficient details to enable public scrutiny of the transactions.
The organisation is asking the court to compel NNPCL to provide a comprehensive explanation and supporting documents on the N107.6 trillion classified as sundry receivables, including the identities of debtors, amounts owed, the legal basis for the receivables and the status of recovery efforts.
It is also seeking an order directing the company to disclose a complete breakdown of the N103.4 trillion recorded as accrued expenses, including the identities of creditors and beneficiaries, the nature and legal basis of the liabilities, and documents establishing their legitimacy.
SERAP further wants the court to compel NNPCL to release all records relied upon in preparing and approving the N211 trillion entries contained in its 2023 audited financial statements.
In the suit filed on its behalf by lawyers, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, SERAP argued that there is an overriding public interest in the disclosure of the information sought.
No date has been fixed for the hearing of the suit.
