The Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Bayo Ojulari, resumed official duties on Monday, quelling widespread rumours of his alleged resignation. Ojulari was seen arriving at the NNPC headquarters in Abuja at approximately 9:35 a.m., a move that visibly countered social media speculation suggesting he had stepped down. A senior security official confirmed that Ojulari was at his desk, attending to routine administrative responsibilities.
“The GCEO is in the office performing his duties as usual. Reports of his resignation circulating on social media are completely unfounded,” the source stated.
An internal memo was also reportedly circulated within the NNPC, advising staff to disregard the claims, which officials say are based on misinformation.
Ojulari, who took over leadership of the state-run oil company four months ago, remains at the helm as NNPC undergoes strategic reforms aimed at enhancing operational efficiency and restoring investor confidence.
His resumption comes amid heightened scrutiny and internal tension. Unconfirmed reports suggest that Ojulari is under investigation by the Economic and Financial Crimes Commission (EFCC) over alleged financial transactions involving multimillion-dollar transfers to AA&R Investment Group—an energy, logistics, and agribusiness company.
Sources familiar with the matter allege that some transactions between NNPC and AA&R raised red flags, prompting concerns that the company may have become a conduit for politically sensitive financial flows. Abdullahi Bashir-Haske, the founder of AA&R and son-in-law of former Vice President Atiku Abubakar, has been previously linked to controversial dealings with NNPC under past leadership.
Insiders claim that Bashir-Haske, who lost influence during Mele Kyari’s tenure as GCEO, regained access to NNPC deals following Ojulari’s appointment. This development has reportedly triggered unease within the presidency due to potential political implications, especially ahead of the 2027 elections.
Ojulari, a seasoned oil executive and former Managing Director of Shell Nigeria Exploration and Production Company, is also the founder of BAT Advisory & Energy. He played a strategic advisory role in Renaissance Africa Energy’s $2 billion acquisition of Shell’s onshore assets in Nigeria.
Despite the swirling controversy, Ojulari remains in charge at NNPC, with the corporation yet to issue an official statement addressing the allegations or confirming any internal investigations.
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