SERAP Sues NNPCL Over Alleged Failure To Account For ₦211 Trillion In 2023 Financial Statements
SERAP says NNPCL must explain and document ₦211 trillion in audited entries, citing public interest and transparency concerns.
- The Socio-Economic Rights and Accountability Project filed a lawsuit last week at the Federal High Court in Abuja challenging the Nigerian National Petroleum Company Limited over ₦211 trillion in unexplained entries in its 2023 audited financial statements.
- NNPCL recorded over ₦211 trillion as "Sundry Receivables" and "Accrued Expenses" in 2023, comprising ₦107.6 trillion in receivables and ₦103.4 trillion in liabilities without adequate documentation for public scrutiny.
- Citing the Freedom of Information Act and the African Charter on Human and Peoples' Rights, SERAP argues the public has a legal right to scrutinize these transactions. The group contends NNPCL's non-response amounts to a refusal, justifying judicial intervention.
- The lawsuit demands the court compel NNPCL to disclose complete breakdowns and supporting documents for the ₦103.4 trillion in accrued expenses, including identities of creditors and the legal basis for all liabilities.
- Secrecy surrounding oil revenue management undermines the rule of law and violates the Nigerian Constitution, SERAP asserts, maintaining that accountability is essential to combat corruption and protect public resources.
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Nigeria: SERAP Sues NNPCL Over 'Failure to Account for ₦211 Trillion'
Press Release - SERAP is arguing that "disclosure of the information is necessary to promote transparency, prevent corruption, strengthen fiscal accountability and ensure effective public oversight of NNPCL's operations."
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SERAP Sues NNPCL Over Alleged Failure To Account For ₦211 Trillion In 2023 Financial Statements
The advocacy group is seeking an order compelling NNPCL to account for the funds and disclose all documents relating to the entries contained in its 2023 financial statements.
SERAP sues NNPCL over 'failure to account for ₦211 trillion'
SERAP is arguing that “disclosure of the information is necessary to promote transparency, prevent corruption, strengthen fiscal accountability and ensure effective public oversight of NNPCL's operations.” The post SERAP sues NNPCL over ‘failure to account for ₦211 trillion’ appeared first on Premium Times Nigeria.
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SERAP sues NNPCL over ‘failure to account for ₦211 trillion in oil money’
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 […]
How NNPCL's Contempt for Senate Keeps Nigerians in Dark on Oil Money
The Nigerian National Petroleum Company Limited (NNPCL) has repeatedly refused to explain how it managed public oil revenue, turning routine legislative oversight into a national accountability issue. Development Diaries reports that the NNPCL ignored repeated invitations from the Senate Committee on Finance to explain its internally generated revenue between 2023 and 2025, forcing lawmakers to seek the intervention of the Secretary to the Gover…
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