The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, is facing growing pressure amid swirling allegations of money laundering and reports of a potential forced resignation — but the national oil company insists he’s still on the job.
Ojulari appeared virtually on Monday at an industry event hosted by the Society of Petroleum Engineers (SPE) Nigerian Council, a move seen as a strategic attempt to silence rumours about his exit.
His participation followed days of speculation that he had stepped down barely four months after being appointed by President Bola Tinubu to replace Mele Kyari as GCEO.
NNPC Pushes Back
A senior NNPC official, speaking to reporters, confirmed that a memo had been circulated internally, urging staff to disregard the resignation chatter.
“The GCEO is still discharging his duties. There’s no official confirmation of any resignation,” the source said.
Yet, Ojulari’s future remains uncertain.
The Money Trail
Multiple reports allege that Ojulari is currently under investigation for suspected money laundering, following the alleged transfer of millions of dollars to AA&R Investment Group — a firm involved in energy, agribusiness, ICT, and logistics.
AA&R is headed by Abdullahi Bashir-Haske, who is married to the daughter of former vice president Atiku Abubakar — now a presidential hopeful under the African Democratic Congress (ADC) and a likely challenger to Tinubu in 2027.
A Furious Aso Rock
According to insiders, President Tinubu is “livid” over recent security briefings on Ojulari’s conduct since assuming office. One highly placed source described his situation bluntly: “Only a miracle will keep him in office at this stage.”
Still, no official statement has been issued by the presidency or NNPC regarding his status.
EFCC Denies Forced Resignation
Meanwhile, sources within the Economic and Financial Crimes Commission (EFCC) have dismissed reports that Ojulari was detained or forced to resign, branding the claims as false.
The drama around Ojulari’s role at NNPC continues to unfold, with many Nigerians watching closely to see whether the embattled GCEO can survive the storm or if a major shake-up at the top of the country’s oil industry is imminent.
