₦211 Trillion Oil Funds: SERAP Takes NNPCL to Court Over Lack of Transparency

A recent lawsuit has been filed by the Socio-Economic Rights and Accountability Project (SERAP) against the Nigerian National Petroleum Company (NNPCL) due to the company's alleged failure to provide a clear explanation and account for the ₦211 trillion recorded as 'Sundry Receivables' and 'Accrued Expenses' in its 2023 audited financial statements. According to SERAP, this lack of transparency is a breach of the public's right to information, as guaranteed by the Freedom of Information Act and the African Charter on Human and Peoples' Rights. The lawsuit, filed at the Federal High Court in Abuja, is seeking a court order that would compel NNPCL to disclose all relevant documents and information related to the transactions, including the identities of debtors and creditors, the amounts owed, and the legal basis for the transactions. SERAP's Deputy Director, Kolawole Oluwadare, stated that the information sought is of overwhelming public interest and is necessary to promote transparency, prevent corruption, and ensure effective public oversight of NNPCL's operations. The lawsuit also argues that NNPCL's failure to disclose the requested information undermines transparency, accountability, and public confidence in the management of Nigeria's oil wealth. The funds managed by NNPCL are considered public funds, as they are derived from Nigeria's petroleum resources, which belong to the Federation. Therefore, Nigerians have a legal right to scrutinize how these resources are managed. The lawsuit is part of growing calls for greater transparency in the management of Nigeria's oil revenues, particularly since the implementation of the Petroleum Industry Act. Civil society groups have continued to demand increased accountability from NNPCL, arguing that its management of public resources remains subject to the provisions of the Freedom of Information Act, despite its commercial status.