When President Bola Ahmed Tinubu appointed Bashir Bayo Ojulari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL) on April 2, 2025, it was hailed as a defining moment in Nigeria’s oil sector reform agenda.
A veteran Petroleum Engineer and former Shell executive, Ojulari’s entry signaled hope that the rot at NNPC could finally be scraped out with technocratic precision and private-sector discipline.
But barely four months into his tenure, Ojulari now finds himself at the centre of a swelling controversy—accused of overseeing a scandalous transaction involving $21 million, skipping multiple Senate probes, and presiding over a paralyzed refinery sector.
Is Ojulari a reformer under fire from vested interests—or has he become yet another high-flying executive ensnared by Nigeria’s opaque oil politics?
A Promising Start
Ojulari’s appointment came with clear presidential backing. Tinubu had just dissolved the Mele Kyari-led board of NNPCL, aiming to inject credibility into a firm long accused of inefficiency, opacity, and corruption.
From day one, Ojulari was handed a tall order: reposition NNPC as a profit-driven, investor-friendly limited liability company, restore Nigeria’s crude oil credibility, and revive moribund refineries that have gulped trillions without delivering a drop of fuel.
Within weeks, Ojulari made headlines by dismissing the Managing Directors of the three major government-owned refineries in Warri, Kaduna, and Port Harcourt.
Sources inside the company said the move was part of a radical cleanup to “halt value erosion and financial sabotage.”
A downstream audit team was quickly deployed to assess contractor obligations and project completion timelines.
“He came with energy and determination to clean the house,” one senior official at NNPCL headquarters in Abuja told Sunday Independent. “But the house is full of termites.”
The Allegations Begin
By July 2025, things took a dramatic turn. A coalition of civil society organizations—including OilWatch Nigeria and the Workers’ Rights Alliance— staged protests in Abuja, calling for Ojulari’s arrest over an alleged $21 million corruption scandal.
According to petitions submitted to the Economic and Financial Crimes Commission (EFCC), a businessman named Abdullahi Bashir Haske—believed to be an Ojulari associate—was arrested with large sums reportedly traced to NNPCL contract deals.
In statements allegedly made to the EFCC, Haske was quoted as claiming that the funds belonged to Ojulari, sparking a flurry of press reports and public outrage.
Activists demanded his suspension or prosecution, saying the NNPCL cannot afford another integrity crisis.
The protest wave intensified on August 1, with placard-carrying demonstrators laying siege to NNPCL Towers in Abuja. The EFCC has yet to issue a formal statement confirming or denying Ojulari’s implication in the matter.
The Denials And Disappearance
As the public furore escalated, Ojulari went quiet. By August 3, media outlets began reporting that the embattled GCEO had tendered a resignation letter to President Tinubu, seeking to “clear his name”.
NNPCL’s internal communications team quickly swung into action, calling the resignation story “false, malicious, and politically motivated”.
The following day, Ojulari was spotted at the company’s Abuja headquarters, quelling the rumours.
However, the damage was already done. Multiple news outlets and senators began to question why a man appointed to lead a new era of transparency in Nigeria’s oil sector was now ducking public appearances, especially amid other festering allegations.
Senate Probes And Absenteeism
Ojulari’s troubles deepened in the Senate, where the Public Accounts Committee began probing inconsistencies in NNPCL’s 2023 financial statements.
Lawmakers alleged that over ₦210 trillion was unaccounted for—₦103 trillion in unexplained liabilities and ₦107 trillion in suspicious receivables.
Despite multiple invitations, Ojulari failed to appear before the committee, drawing the ire of Senate leaders.
His deputy, NNPCL’s CFO, Dapo Segun, cited international engagements as the reason for Ojulari’s absence. But lawmakers weren’t satisfied.
“This is a critical national investigation. If the CEO of NNPCL cannot honour a Senate summons, what message are we sending to Nigerians?” Senator Ali Ndume fumed during a heated plenary session.
After weeks of mounting pressure and multiple snubs, Ojulari finally appeared before the Senate Committee on Public Accounts amid tight security and intense media scrutiny.
The appearance followed a barrage of criticisms from lawmakers who had accused the NNPCL boss of undermining legislative oversight by repeatedly shunning invitations.
Seated beside top company officials and flanked by legal counsel, Ojulari addressed queries over the ₦210 trillion discrepancies in the company’s audited financial statements, offering what he described as “clarifications on complex legacy accounting positions inherited by the current management.”
Despite his attempts to explain away the figures as accounting backlogs from pre-incorporation eras, senators remained visibly unimpressed, pressing him on issues of financial irregularities, audit lapses, and alleged unremitted revenues.
Committee Chair, Senator Aliyu Wadada, warned that public trust in NNPCL’s reform agenda was at risk if transparency remained elusive.
Ojulari, however, insisted that reforms were underway to standardize NNPCL’s financial disclosures and pledged to provide supplementary documentation within two weeks.
His appearance, while seen as a temporary de-escalation of tensions, has not silenced calls for deeper scrutiny into the corporation’s opaque dealings and the integrity of its leadership.
Interestingly, the controversy around Ojulari has not been one-sided. A wave of counter-protests and press conferences has emerged defending the embattled oil boss.
Groups such as the Coalition for Good Governance and Civic Integrity (CGGCI), Arewa Elders Forum, and the Human Rights Writers Association of Nigeria (HURIWA) have all claimed that Ojulari is being targeted for daring to challenge the entrenched cabal that has long captured Nigeria’s oil wealth.
They point to his early dismissal of refinery MDs, a halt to inflated contracts, the review of pipeline surveillance deals, and his insistence on due diligence as key reforms that ruffled powerful feathers.
“He stepped on too many toes too quickly. These allegations are not surprising,” said Dr. Binta Mahmud, a policy analyst with the Abuja-based Natural Resource Governance Network.
“The question is: Can he prove his innocence and stay the course, or will he be consumed by the system?”
A Broken System
What makes the Ojulari saga particularly painful for Nigerians is its familiarity. NNPCL has long been a cesspool of mismanagement.
Previous executives have faced EFCC charges, multi-billion-naira fraud allegations, and refinery revamp scandals. Billions have been spent on “Turnaround Maintenance” for Kaduna, Warri, and Port Harcourt refineries with little to show.
As of today, none of the three refineries is operational. Crude oil production remains below OPEC quotas. The country still imports refined petroleum products, burning scarce FX and feeding the subsidy crisis.
In June, reports emerged that several contractors had walked away from refinery work due to halted payments and conflicting directives—yet another sign of institutional breakdown. “It’s like rearranging chairs on the Titanic,” one insider lamented.
The IPO Question
Another major item on Ojulari’s desk is the planned partial privatization of NNPCL via an Initial Public Offering (IPO).
Industry stakeholders have warned that the ongoing crisis could derail investor confidence, with international partners likely to withdraw from engagements.
“This scandal, if not managed well, can torpedo the IPO plans and take us back 10 years,” said Adekunle Musa, an oil industry consultant.
“Who will invest in a company that can’t even explain its financial books?”
As things stand, Ojulari has not been formally indicted. No arrest warrant has been issued. But the court of public opinion is already divided. Some see a crusader overwhelmed by old forces. Others see yet another executive lost in the honey pot.
The EFCC has not confirmed or denied whether it is probing Ojulari directly. The presidency has remained tight-lipped, choosing to let the NNPCL board handle the matter. But the pressure is mounting.
For President Tinubu, whose administration hangs its economic hopes on oil sector revival, the Ojulari dilemma presents a test of his anti-corruption posture. Will he back his appointee in the face of swirling allegations—or cut him loose to save face?
Many observers believe that Nigeria’s oil sector has suffered too many false starts. Whether Ojulari is guilty or not, the NNPCL deserves clarity, accountability, and results—not another shadow war of accusations and counter-accusations.
There is a strong opinion that if Ojulari can clear his name, restore order, and deliver even a fraction of the reforms promised, he may yet redeem his legacy. But if the allegations prove true, his fall will be swift—and devastating.
In the end, it is not just Ojulari’s fate at stake but also the future of Nigeria’s most strategic.!
(Daily independent)
