The Socio-Economic Rights and Accountability Project, SERAP, has sued the Nigerian National Petroleum Company Limited, NNPCL, over what it described as the company’s failure to account for more than ₦211 trillion in its 2023 audited financial statements.

In the suit filed at the Federal High Court in Abuja, SERAP is asking the court to compel NNPCL to explain and disclose how the money was spent.

According to SERAP, the ₦211 trillion was recorded in NNPCL’s 2023 audited financial statements but was not properly explained or accounted for. The group said the lack of transparency raises serious questions about accountability in the management of public resources.

SERAP is seeking an order of mandamus to compel NNPCL to release details of the expenditure, and to publish a breakdown of how the funds were used.

The rights group argued that Nigerians have a right to know how public funds are managed, especially by state-owned companies like NNPCL.

The court is yet to fix a date for hearing.

SOURCE: Channels Television