The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company (NNPCL) over its “failure to explain and account for ₦211 trillion in oil money recorded in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses.’”
NNPCL reportedly recorded over ₦211 trillion (₦211,015,245,000,000) in its 2023 audited financial statements as ‘Sundry Receivables’ and ‘Accrued Expenses’ without adequately explaining the transactions or providing sufficient information to enable public scrutiny of the funds.
In the suit No. FHC/ABJ/CS/1426/2027, filed last week at the Federal High Court in Abuja, SERAP is seeking “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 is asking the court to “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.”
