The real reasons that Bayo Ojulari’s job as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation Limited (NNPCL) are numbered have been revealed. TheCable has confirmed from insiders that although there are reports that Ojulari has resigned, he has not thrown in the towel yet, “but only a miracle will keep him in office at this stage”.
President Bola Tinubu, who appointed him to replace Mele Kyari only four months ago, is said to be “livid” over security reports on Ojulari’s activities so far in office.
The NNPCL GCEO has been a subject of money laundering investigations following the alleged transfer of millions of dollars to the account of AA&R Investment Group, a company with interests in energy, agribusiness, logistics, and information communication technology.
Abdullahi Bashir-Haske, the founder and group managing director of AA&R, is married to the daughter of Atiku Abubakar, the former vice-president. Atiku is a presidential hopeful on the platform of the African Democratic Congress (ADC) and is likely to come up against Tinubu in 2027.
The Baru link
Bashir-Haske reportedly enjoyed regular NNPC patronage when Maikanti Baru was the chief executive from 2016 to 2019. Baru died in 2020 during the COVID pandemic.
Kyari, who was the group general manager of the crude oil marketing division of the national oil company, succeeded Baru, and, when he took over the reins, Kyari was reportedly unhappy with Bashir-Haske and subsequently cut him off from NNPC patronage.
Bashir-Haske, however, continued to do business with Ojulari, who was operating in the oil sector in various capacities, notably as MD of Shell Nigeria Exploration and Production Company (SNEPCo) and later as founder/chairman of BAT Advisory & Energy Company Nigeria Ltd. BAT Advisory & Energy advised Renaissance Africa Energy Company Limited in its $2 billion takeover of Shell Petroleum Development Company of Nigeria Limited (SPDC).
‘Sleeping with the enemy’
Following his appointment as NNPCL GCEO in April, Ojulari restored all the privileges Bashir-Haske had been denied by Kyari.
Some of the transactions between NNPC and Bashir-Haske were flagged by the Economic and Financial Crimes Commission (EFCC), sources told TheCable.
The anti-graft body has questioned Bashir-Haske, accusing him of orchestrating “large-scale money laundering through sophisticated financial structures”.
There are now allegations that the NNPCL was, perhaps inadvertently, funding the opposition through him.
“The president is livid with rage. He sees this as a stab in the back. A form of soft landing will be provided for Ojulari to exit, as removing him now seems to be too early in the day. What Ojulari has been doing amounts to sleeping with the enemy,” the insiders told TheCable.
𝗚roup managing directors of the 𝗡𝗡𝗣𝗖 till date
🟣1977-1980: Remilekun A Marinho
🟤1980-1981: Odoliyi Lolomari
🟣1981-1985: Lawrence Amu
🟤1985-1990: Aret Adams
🟤Apr 1990-Jun 1992: Thomas John
🟤1992-1993: Edmund Daukoru
🟤1993-1995: Chamberlin Oyibo
🔴1995-1999: Dalhatu Bayero
🟤1999-2003: Jackson G Obaseki
🟣2003-2007: Funsho Kupolokun
🔴2007-2009: Abubakar Yar’Adua
⚫2009-2010: Muhammed Bakindo
🔴2010: Shenu Ladan
🟠2010-2012: Augustine O. Oniwon
🔴2012-2014: Andrew Yakubu
⚫2014-2015: Joseph Thlama Dawha
🟤2015-2016: Ibe Kachukwu
⚫2016-2019: Maikanti Baru
⚫2019-2025: Mele Kyari
🟠2025-Till Date: Bayo Ojulari
🟠NC ⚫NE 🔴NW 🟤SS 🟣SW
Source: Statisense
