The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bayo Ojulari, resumed work on Monday morning, putting to rest the wave of resignation rumours that had flooded social media over the weekend.
Ojulari was sighted at the NNPC Towers at approximately 9:35 a.m., engaging in official duties. According to sources within the NNPC, an internal memo was issued to staff, urging them to disregard circulating claims about his alleged resignation.
Social Media Fueled Speculation Over Alleged Resignation
Rumours had emerged on Saturday suggesting that Ojulari had either stepped down or was forced to resign under pressure from the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS). The reports alleged that Ojulari was compelled by EFCC Chairman, Ola Olukoyede, and DSS Director General, Adeola Ajayi, to sign a resignation letter during an interrogation.
However, senior officials within both agencies have firmly denied the allegations. A top EFCC source, who preferred to remain anonymous, described the reports as false and misleading.
“Those are fake news. It is not true that the EFCC abducted him (Ojulari). On Thursday, protesters came to our office with a petition that they want the commission to investigate the NNPCL chairman,” the EFCC official clarified.
“These people have the right to submit petitions. We told them we would look into the petition. So, where is the abduction? People should be careful about spreading rumours.”
Similarly, a DSS insider dismissed the claims of a coordinated plot to remove Ojulari from office, stating:
“The DSS is not involved in the allegation. In fact, our boss mentioned in the allegation has no hand in it.”
EFCC Confirms Receipt of Petition Against Ojulari
Though the EFCC debunked rumours of abduction or forced resignation, the agency confirmed that it had received a petition against the NNPCL boss. Details of the petition remain undisclosed; however, the commission has stated that it is reviewing the content in line with its investigative mandate.
Audit Queries and National Assembly Summons
Ojulari’s recent appearance before the Senate Committee on Public Accounts added further attention to his role. The committee is currently reviewing audit reports from the Office of the Auditor-General, which highlighted an unaccounted sum of N210 trillion in the financial records of NNPC from 2017 to 2023.
The committee clarified that the figure was not declared missing or stolen but remained “unaccounted for” in the form of N103 trillion liabilities and N107 trillion assets.
Senator Ahmed Wadada, who chairs the committee, emphasized that the investigation was based solely on official audit reports:
“None of the 18 or 19 questions we asked NNPC to explain came from the executive or judiciary. They are questions extracted from the audited financial statement of the NNPC by the Auditor-General covering 2017 to 2023.”
“This committee had not at any time said the N210tn in question was stolen or missing. What we are doing is a required investigation on queries raised in the report, in line with our constitutional mandate.”
Ojulari, who had earlier missed scheduled appearances before the committee, tendered an apology during his session. He asked for more time to properly assess and respond to the queries.
“I’m just over 100 days in office as the GCEO of NNPC. I still need time to do further digging, given the perspectives I have heard now on the issues,” he explained.
“I need to understand the issues myself so I can respond appropriately. I will get a team, and please get the details properly reconciled so we can work to provide answers to the queries.”
Although he initially requested four weeks, the committee granted him a three-week deadline to submit written responses and appear again with relevant management staff.
Alleged Dealings with Atiku’s Son-in-Law Stir Presidential Concerns
Beyond audit queries and agency petitions, internal security briefings have reportedly raised alarm over Ojulari’s alleged financial ties to AA&R Investment Group, an energy and logistics company founded by Abdullahi Bashir-Haske, who is married to the daughter of a prominent opposition politician and 2027 presidential hopeful.
Bashir-Haske, a known beneficiary of NNPC contracts during a past administration, was said to have been sidelined under Ojulari’s predecessor but allegedly had his access and privileges restored shortly after Ojulari assumed office in April.
Some of the financial transactions between NNPC and Bashir-Haske’s company have reportedly been flagged by the EFCC over concerns of large-scale money movement. Ojulari’s link to these deals has sparked fears that national resources could be inadvertently funneled toward the opposition, a development that reportedly angered the presidency.
A top insider hinted that while Ojulari has not officially resigned, the situation remains tense. Discussions of a possible “soft landing” are reportedly being considered to avoid abrupt dismissal, which could be viewed as politically damaging so early in his tenure.
At the time of this report, Mr. Bayo Ojulari remains the Group Chief Executive Officer of NNPC and continues to perform his duties. The EFCC has confirmed receipt of a petition against him, while the Senate continues to demand clarity on audit-related queries.
As the three-week deadline for NNPC’s response approaches, the coming weeks will determine whether this saga ends as a case of political misunderstanding or develops into a broader investigation into the operations of Nigeria’s national oil company.
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