SERAP takes NNPCL to court over unexplained ₦211trn oil funds
The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL) for allegedly failing to account for ₦211 trillion in oil money. SERAP claims that NNPCL recorded these funds as ‘Sundry Receivables’ and ‘Accrued Expenses’ in its 2023 audited financial statements without adequate explanation. The group is demanding full disclosure and supporting documents for these transactions. SERAP argues that transparency is crucial for public trust and accountability in the management of Nigeria’s oil wealth.
What we know
- SERAP is seeking a court order to compel NNPCL to account for ₦211 trillion recorded in its 2023 audited financial statements.
- The lawsuit asks for detailed explanations and documents regarding ₦107.6 trillion in ‘Sundry Receivables’ and ₦103.4 trillion in ‘Accrued Expenses’.
- SERAP insists that the public has a right to know the identities of debtors and creditors, the legal basis for the transactions, and the legitimacy of the entries.
- The group says NNPCL did not respond to its Freedom of Information request, prompting the legal action.
- The statement emphasizes that transparency in oil revenue management is essential to prevent corruption and ensure proper use of public resources.
