ABUJA, Nigeria — The days of Bayo Ojulari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited appear numbered, amid deepening allegations of money laundering, political betrayal, and compromised loyalty to President Bola Tinubu.
Despite widespread speculation that Ojulari has tendered his resignation, authoritative sources told TheCable that he remains in office for now, but that his removal is “only a matter of time.”
According to insiders within the presidency, President Tinubu is “livid” over disturbing intelligence reports regarding Ojulari’s activities since he was appointed in April 2025.
Sources described the reports as “damning,” painting a picture of covert financial dealings that allegedly benefit figures aligned with Tinubu’s chief political rival, Atiku Abubakar, who is positioning for a 2027 presidential bid under the African Democratic Congress (ADC).
The controversy centres on large transfers allegedly made by NNPC under Ojulari’s watch to AA&R Investment Group, a company owned by Abdullahi Bashir-Haske, Atiku’s son-in-law and the group’s managing director.
Bashir-Haske is no stranger to NNPC.
He previously benefited from lucrative deals under former GCEO Maikanti Baru (2016–2019), but his access was reportedly cut off by Mele Kyari, Baru’s successor, amid suspicions of undue advantage and political affiliations.
Ojulari, however, allegedly restored those privileges shortly after assuming office, sparking alarm in security and political circles.
Investigations by the Economic and Financial Crimes Commission (EFCC) are said to have flagged some of these dealings, citing the use of “sophisticated financial structures” to move millions of dollars, potentially amounting to money laundering.
Sources say Tinubu views the situation as more than just corruption—it’s a political betrayal.
“The president is livid with rage. He sees this as a stab in the back,” a senior government official told TheCable.
“What Ojulari has been doing amounts to sleeping with the enemy.”
There are now fears within the presidency that public funds may have been inadvertently redirected to opposition war chests, further complicating Tinubu’s re-election calculus ahead of 2027.
Ojulari’s prior ties with Bashir-Haske run deep.
Before his NNPC appointment, Ojulari led BAT Advisory & Energy Company, which advised Renaissance Africa Energy on its $2 billion acquisition of Shell Petroleum Development Company (SPDC).
Bashir-Haske has also been involved in that Shell deal, reinforcing suspicions that the financial relationship between the two men extends beyond business.
While no formal charges have been filed against Ojulari, the EFCC has reportedly questioned Bashir-Haske, accusing him of orchestrating large-scale laundering operations.
Ojulari, formerly the managing director of Shell Nigeria Exploration and Production Company (SNEPCo), was hailed as a technocrat with a strong track record when appointed. That reputation now hangs in the balance.
