The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), seeking a court order compelling the state-owned energy company to provide detailed explanations and supporting documents for balance sheet entries totaling ₦211.02 trillion in its 2023 audited financial statements.
The suit, marked FHC/ABJ/CS/1427/2026 and filed before the Federal High Court in Abuja, argues that the public has a legal right to understand the nature, legitimacy, and accounting basis of the transactions underlying the disputed figures.
According to SERAP, the amount comprises ₦107.6 trillion recorded as “Sundry Receivables”, funds the company says are owed to it, and ₦103.4 trillion classified as “Accrued Expenses,” representing liabilities recognized but not yet paid. The civil society organisation contends that the financial statements do not provide sufficient disclosure to enable meaningful public scrutiny of the entries.
In the lawsuit, SERAP is asking the court to issue an order of mandamus directing NNPCL to publish a comprehensive reconciliation of both figures. The group is also requesting disclosure of the identities of debtors and creditors, the legal basis for the receivables and liabilities, recovery efforts where applicable, and all documents used in preparing and approving the accounting entries.
SERAP argues that access to the information is protected under Nigeria’s Freedom of Information Act and the African Charter on Human and Peoples’ Rights. The organisation maintains that greater transparency is essential for strengthening public confidence in the management of Nigeria’s petroleum resources and ensuring accountability in the use of public assets.
The legal team representing SERAP, Oluwakemi Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, submitted that Nigerians are entitled to know whether the accounting entries comply with applicable financial reporting standards and public accountability requirements.
The lawsuit comes as the Senate Public Accounts Committee continues its review of NNPCL’s financial records covering 2017 to 2023, examining receivables, operational expenditures, joint venture costs and other accounting balances. While the Senate’s inquiry is separate from the court action, both reflect heightened scrutiny of governance and financial reporting within Nigeria’s oil and gas sector.
Corporate governance experts note that large receivable and liability balances are not unusual for major energy companies. However, the scale of the figures involved has intensified calls for more detailed disclosures to reassure investors, regulators and the public about the company’s financial position.
NNPCL had not publicly responded to the lawsuit at the time of publication. The outcome of the case could shape expectations for financial transparency among Nigeria’s state-owned enterprises and influence future interpretations of the Freedom of Information Act as it relates to commercially owned government entities.
