SERAP Sues NNPCL Over Alleged Failure to Account for ₦211tn in 2023 Financial Statements. The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Nigerian National Petroleum Company Limited (NNPCL), accusing the state-owned oil firm of failing to explain and account for ₦211.015 trillion recorded in its 2023 audited financial statements.According to SERAP, the amount was listed under “Sundry Receivables” and “Accrued Expenses” without adequate explanations or sufficient disclosures to enable public scrutiny of the transactions.
The organisation contended that the absence of detailed information regarding the entries raises concerns about transparency and accountability in the management of public resources.SERAP is seeking judicial intervention to compel the NNPCL to provide a comprehensive explanation of the transactions and disclose how the funds were recorded and managed in its 2023 audited accounts.The rights group argued that, as a public institution entrusted with managing Nigeria’s oil resources, the NNPCL has a legal obligation to ensure openness in its financial reporting and make relevant information accessible to the public.According to SERAP, greater transparency in the company’s financial operations is essential to strengthening public confidence, promoting accountability and ensuring prudent management of the nation’s oil revenues.The lawsuit is expected to test the extent of the NNPCL’s obligations under Nigeria’s transparency and accountability laws regarding the disclosure of financial information.
Joseph Akwagiobe is a media contributor from Cross River State, Nigeria, currently based in Abuja. He is a graduate of Microbiology and has earned several professional certifications across diverse fields, reflecting his commitment to continuous learning, professional growth, and excellence.