The days of Bayo Ojulari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation (NNPC) Limited appear to be numbered, TheCable has reported.
Although there are claims that he has resigned, TheCable, citing insider sources, disclosed that he has not officially stepped down yet — “but only a miracle will keep him in office at this stage.”
President Bola Tinubu, who appointed Ojulari to replace Mele Kyari just four months ago, is said to be “livid” over troubling security reports regarding Ojulari’s actions while in office.
Ojulari has reportedly come under investigation for alleged money laundering after millions of dollars were allegedly transferred to the account of AA&R Investment Group — a company involved in energy, agribusiness, logistics, and ICT.
Abdullahi Bashir-Haske, the founder and group managing director of AA&R, is married to the daughter of former Vice President Atiku Abubakar, a presidential hopeful for the African Democratic Congress (ADC) who may challenge Tinubu in 2027.
The Baru Connection
Bashir-Haske allegedly enjoyed regular NNPC patronage during the tenure of Maikanti Baru, who served as NNPC CEO from 2016 to 2019 and died during the COVID-19 pandemic in 2020.
Baru was succeeded by Mele Kyari, who was then the group general manager of the crude oil marketing division. Kyari reportedly cut off Bashir-Haske’s access to NNPC deals.
However, Bashir-Haske resumed business ties with Ojulari, who had previously served as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) and later as the founder and chairman of BAT Advisory & Energy Company Nigeria Ltd.
BAT Advisory & Energy was an adviser to Renaissance Africa Energy Company Limited in its $2 billion acquisition of Shell Petroleum Development Company of Nigeria (SPDC).
‘Sleeping With the Enemy’
Upon becoming NNPC GCEO in April, Ojulari reportedly reinstated all the privileges that Bashir-Haske lost under Kyari.
Several of their transactions were flagged by the Economic and Financial Crimes Commission (EFCC), which has questioned Bashir-Haske over suspected large-scale money laundering through complex financial structures.
There are now claims that NNPC funds may have been indirectly used to support the political opposition through Bashir-Haske.
“The president is livid with rage. He sees this as a stab in the back,” TheCable reported.
Sources say a “soft landing” is being prepared for Ojulari’s quiet exit, as an outright dismissal may appear premature.
“What Ojulari has been doing amounts to sleeping with the enemy,” the report added.
