Bayo Ojulari has formally returned to his post as Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), walking into the NNPC Towers in Abuja shortly before 10:00 a.m. on Monday as staff were briefed to quash circulating rumours about his removal. A memo shared internally aimed to “dispel rumours of his ouster,” according to an official who witnessed his arrival. “He’s back,” the source revealed.
“He’s at the office now.” A security source added that while the immediate crisis appears contained, the volatile circumstances surrounding his position could persist as President Bola Tinubu weighs next steps.
The return came two days after a weekend of alarm triggered by reports that Ojulari had been seized on Friday night by senior officers of the Economic and Financial Crimes Commission (EFCC) and the State Security Service (SSS), and coerced into signing a resignation letter. Peoples Gazette’s exclusive account said the operation, described by some insiders as bordering on a coup d’état because it lacked presidential sanction, was executed under the direction of Ola Olukoyede of the EFCC and Adeola Ajayi of the SSS.
Sources further disclosed that Ojulari was summoned to the Presidential Villa shortly after the story broke, where First Lady Remi Tinubu insisted that any resignation tendered under duress would not be accepted. Her intervention effectively sealed his immediate reinstatement, underscoring the degree of high-level pushback against what was portrayed by critics as an extralegal attempt to remove him.
The episode has been framed by some observers as evidence of friction within the corridors of power, with attention on Olatimbo Ayinde, a British-Nigerian businesswoman whose growing informal influence in the administration has drawn speculation and alarm in certain quarters. The security operatives allegedly acted on her purported directive, and the intense inquiry of Ojulari included questioning about any connections to her—a linkage he denied. “Mr. Ojulari told us he didn’t know Olatimbo Ayinde,” one source said.
The Presidency has sought to counter narratives of coercion. A spokesperson described reports that Ojulari was forced to sign a resignation letter as false, with official clarifications stressing that he had not resigned and remained the Tinubu-appointed reform driver for the oil firm.
Ojulari’s appointment in April, replacing Mele Kyari after a high-stakes reshuffle, was part of President Tinubu’s broader effort to reposition NNPC Limited toward commercial viability and operational reform. His abrupt near-departure and rapid reinstatement have laid bare the fragility of Nigeria’s state corporate governance when intersecting with competing power centers.
As of Monday, internal messaging reflected a desire to shift focus back to the work of the corporation, even while questions linger about who authorized the weekend operation and what implications it may have for the stability of Ojulari’s leadership.
(Peoples Gazette)
