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 company to explain and
disclose documents relating to ?211.015 trillion recorded in its 2023 audited
financial statements.
According to SERAP, the amount was listed under the
accounting entries "Sundry Receivables" and "Accrued
Expenses" without sufficient details to enable public scrutiny of the
transactions.
The suit, marked FHC/ABJ/CS/1427/2026 and filed
at the Federal High Court in Abuja, asks the court to direct NNPCL to provide a
detailed reconciliation of the ?107.6 trillion recorded as Sundry
Receivables. The organisation wants the company to disclose the identities
of debtors, the amounts owed, the legal basis for the receivables, and the
steps taken to recover the funds.
SERAP is also seeking the disclosure of documents
relating to the ?103.4 trillion listed as Accrued Expenses,
including the identities of creditors and beneficiaries, the nature of the
liabilities, the legal basis for the expenses, and supporting records
establishing their legitimacy.
In addition, the advocacy group is asking the court to
compel NNPCL to release all documents and records used in preparing and
approving the ?211 trillion entries contained in its 2023 audited accounts.
According to SERAP, there is an overriding public
interest in making the information available, arguing that NNPCL has a legal
obligation to explain the transactions and demonstrate that the figures are
accurate, lawful and supported by credible documentation.
The organisation maintained that the Freedom of
Information Act and the African Charter on Human and Peoples' Rights guarantee
citizens access to information held by public institutions, including NNPCL, to
promote transparency and accountability.
SERAP argued that public disclosure would strengthen
fiscal accountability, discourage corruption and allow Nigerians to better
understand how the country's oil revenues are being managed.
The group further stated that Nigerians have the right
to know who owes the ?107.6 trillion, who is entitled to the ?103.4
trillion in accrued expenses, and whether the transactions comply with
applicable laws and public accountability standards.
Filed by SERAP's legal team comprising Oluwakemi
Agunbiade, Kehinde Oyewumi, Andrew Nwankwo and Maryam Mumuni, the suit
explained that Sundry Receivables represent money owed to NNPCL by
individuals, companies or government entities, while Accrued Expenses refer
to liabilities incurred for goods, services or other obligations that have not
yet been paid.
SERAP contended that although the two entries account
for more than ?211 trillion in NNPCL's audited accounts, the financial
statements fail to adequately identify the parties involved, explain the legal
basis of the transactions or provide sufficient documentation for independent
verification.
The organisation also argued that NNPCL remains
subject to the Freedom of Information Act because it is wholly owned by the
Federal Government and manages Nigeria's petroleum resources on behalf of the
federation. It added that the Petroleum Industry Act does not exempt the
company from its obligations to operate transparently and account for public
resources.
SERAP further alleged that NNPCL failed to respond to
its Freedom of Information request within the timeframe prescribed by law,
describing the silence as a refusal that justifies judicial intervention.
The organisation maintained that the information
requested is not exempt from disclosure under the Freedom of Information Act,
stressing that transparency in the management of oil revenues is essential to
good governance, fiscal responsibility and public trust.
No date has been fixed for the hearing of the case.
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