SERAP sues NNPCL over unexplained ₦211tn oil money in 2023 accounts
SERAP filed suit against NNPCL demanding explanation for ₦211.015 trillion recorded in its 2023 audited finances as 'Sundry Receivables' (₦107.6 trillion) and 'Accrued Expenses' (₦103.4 trillion) without debtor/creditor details or legal basis. The suit alleges NNPCL failed to adequately explain these massive sums in its financial statements. Filed July 19, 2026 at Abuja FCT High Court (FHC/ABJ/CS/1427/2026), the suit seeks documents, identities of parties involved, and proof these oil revenue entries comply with law.
Nigerians can't scrutinize how public oil wealth is managed when NNPCL hides details of sums exceeding Nigeria's annual budget. This lack of transparency prevents citizens from verifying whether oil revenues are properly accounted for and used for public benefit. SERAP argues this violates FOI Act and anti-corruption treaties, fueling corruption and eroding trust in Africa's largest oil economy. The group insists transparency is vital to verify if these entries are lawful and benefit citizens.
No hearing date set yet. Case demands NNPCL reconcile the funds, name debtors/creditors, and show legal basis for transactions. Public oversight of Nigeria's ₦211 trillion oil revenue entries remains blocked pending court resolution.