A swirling mix of accusations, public protests, and conflicting official statements has engulfed the Nigerian National Petroleum Company Limited (NNPCL) as its Chief Executive Officer, Bayo Ojulari, stands at the center of a growing scandal involving alleged financial misconduct and political interference.
Sources allege that Ojulari was coerced into signing a resignation letter late Friday by operatives of the Economic and Financial Crimes Commission (EFCC), reportedly with the backing of DSS Director-General Adeola Ajayi and EFCC Chairman Ola Olukoyede. The operation was said to have been conducted without the consent of President Bola Tinubu.
Yet, the Presidency has moved quickly to discredit such claims. According to presidential spokesman Bayo Onanuga, Ojulari has not stepped down and remains fully in charge. Appointed in April 2025, Ojulari’s mandate includes leading major transparency and efficiency reforms at the NNPCL.
EFCC’s silence on the matter has further complicated the narrative. Despite repeated attempts, agency spokesperson Dele Oyewale did not respond to inquiries.
The situation is further inflamed by civil society coalitions demanding Ojulari’s arrest. Their allegations are rooted in claims that Abdullahi Bashir Haske—an associate in EFCC custody—confessed to holding $21 million on behalf of the NNPCL boss. Groups such as OilWatch Nigeria and the Workers’ Rights Alliance have accused Ojulari of sabotaging the national economy and masterminding plans to privatize national assets under suspicious conditions.
On August 1, the coalition began a three-day protest campaign across key national locations, demanding decisive action from the authorities.
Sources also point to a whistleblower revelation of a kickback ring involving oil traders, which was allegedly uncovered after Ojulari altered fund collection protocols. The EFCC responded by freezing the involved accounts.
This is not Ojulari’s first brush with controversy. Earlier in May 2025, SERAP demanded an investigation into the failure to remit ₦500 billion by NNPCL to the Federation Account for the last quarter of 2024.
While critics emphasize alleged extravagance, including private jet travel for foreign retreats and reports of a toxic work atmosphere, defenders argue that Ojulari is being punished for daring to implement real change.
The Human Rights Writers Association of Nigeria and the Coalition for Good Governance and Change Initiatives describe him as a reformer under siege, praising his technological upgrades and initiatives that have eased fuel shortages across Nigeria.
The Niger Delta Environmental Justice Coalition also criticized the covert operation against Ojulari but acknowledged the executive’s contributions to oil production gains and remittance improvements.
As of Saturday evening, the EFCC had not issued an official statement, leaving the matter open to speculation and political interpretation.