The former Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mr. Bayo Ojulari, has opened up on the circumstances surrounding his resignation, citing internal resistance to reforms and entrenched interests as key reasons for his decision to step down.
Ojulari, who was appointed to lead NNPCL following the implementation of the Petroleum Industry Act (PIA), said his vision for transforming the national oil company into a commercially viable and transparent institution was consistently undermined by vested interests.
According to him, “I accepted the role with the utmost belief in President Bola Tinubu’s vision for reforming Nigeria’s oil and gas sector. However, over time, it became clear that there were internal forces resistant to change. These interests placed personal gains above national progress, making it impossible to move the reforms forward.”
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While his resignation surprised many within and outside the industry, Ojulari noted that he left with a clear conscience, having initiated critical internal audits, streamlined procurement processes, and pushed for transparency in operations.
He emphasized that he was not forced out, contrary to some media reports. “I wasn’t sacked. I resigned because I no longer had the freedom and institutional backing to drive the changes that were necessary. It would have been a betrayal of my own values to stay on and become part of a system I sought to reform,” he said.
During his tenure, Ojulari was credited with driving cost-efficiency initiatives, reviewing legacy contracts, and initiating the clean-up of NNPCL’s joint venture operations. However, these actions reportedly ruffled powerful feathers, both within and outside the corporation.
Industry stakeholders have expressed mixed reactions to his exit. Some commended him for taking a principled stand, while others questioned the timing of his resignation amid ongoing fuel subsidy and crude oil production challenges.
As speculations continue about his next move, Ojulari remains optimistic about Nigeria’s oil sector. “We have the capacity, the talent, and the resources. What we need is the will—political and institutional—to do what is right.”
The Federal Government is yet to announce his replacement. However, insiders say a shortlist of potential successors is already under review by the presidency.
Ojulari’s departure marks another shake-up in President Tinubu’s oil sector reforms, which have seen key leadership changes in the NNPCL since 2023.
