The tenure of Bayo Ojulari as Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (NNPCL) may soon come to an end as fresh allegations of money laundering and political funding controversies rock the state oil firm.
Although unconfirmed reports claimed Ojulari had resigned, insiders told The Cable that while no official resignation has been tendered, “only a miracle will keep him in office at this stage.”
According to sources, President Bola Tinubu, who appointed Ojulari just four months ago to replace Mele Kyari, is reportedly “livid” over damning security reports detailing questionable financial dealings linked to the NNPC boss.
Ojulari is under investigation by the Economic and Financial Crimes Commission (EFCC) over alleged multimillion-dollar transfers to AA&R Investment Group, a company involved in energy, agribusiness, logistics, and ICT.
Abdullahi Bashir-Haske, founder of AA&R and son-in-law of former Vice President, Atiku Abubakar, has been accused of orchestrating “large-scale money laundering through sophisticated financial structures.”
EFCC sources revealed that some transactions between NNPC and AA&R were flagged as potentially illegal, raising concerns that the national oil firm may be indirectly “funding the opposition” through Bashir-Haske.
Bashir-Haske, who previously enjoyed extensive NNPC patronage under former chief Maikanti Baru (2016–2019), reportedly fell out of favour with Kyari, Baru’s successor, but was reinstated under Ojulari’s leadership in April 2025.
Ojulari, a former Managing Director of Shell Nigeria Exploration and Production Company and founder of BAT Advisory & Energy, had previously advised Renaissance Africa Energy on its $2 billion takeover of Shell Petroleum Development Company.
Upon his appointment, he allegedly restored privileges to Bashir-Haske, raising political concerns given Atiku’s position as a leading presidential hopeful under the African Democratic Congress (ADC), likely to challenge Tinubu in 2027.
Presidency insiders described Tinubu’s reaction as one of “betrayal and rage,” saying the president views Ojulari’s actions as “sleeping with the enemy.”
The source said, “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.”
