The position of Bayo Ojulari as Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited appears increasingly precarious amid swirling allegations of money laundering and inappropriate political connections that have reportedly angered President Bola Tinubu.
While unconfirmed reports suggest Ojulari has resigned from his role, sources close to the situation told The Cable that no official resignation has been submitted, though “only a miracle will keep him in office at this stage.”
Ojulari, who was appointed just four months ago to replace Mele Kyari, is now facing intense scrutiny from the Economic and Financial Crimes Commission over alleged multimillion-dollar transfers to AA&R Investment Group, a diversified company operating in energy, agribusiness, logistics, and information technology sectors.
The EFCC investigation centers on Abdullahi Bashir-Haske, founder of AA&R Investment Group and son-in-law of former Vice President Atiku Abubakar. Anti-corruption officials have accused Bashir-Haske of conducting “large-scale money laundering through sophisticated financial structures,” with several transactions between NNPC and his company flagged as potentially illegal.
The controversy has taken on political dimensions, with EFCC sources expressing concern that the national oil corporation may be indirectly “funding the opposition” through its business relationship with Bashir-Haske. This connection is particularly sensitive given Atiku’s status as a prominent presidential contender under the African Democratic Congress, positioning him as a likely challenger to Tinubu in the 2027 elections.
According to investigative sources, Bashir-Haske had enjoyed extensive NNPC contracts during the tenure of former chief Maikanti Baru between 2016 and 2019. However, his influence waned under Baru’s successor, Mele Kyari, only to be restored when Ojulari assumed leadership in April 2025.
The timing of this restoration has raised red flags within security circles, particularly given the political implications of channeling state resources to entities connected with opposition figures. Presidency insiders report that President Tinubu has received damning security briefings about these financial dealings and is “livid” over what he perceives as a betrayal.
“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,” a presidency source revealed.
Ojulari brings significant industry experience to his role, having previously served as Managing Director of Shell Nigeria Exploration and Production Company and founder of BAT Advisory & Energy. His credentials include advising Renaissance Africa Energy on its $2 billion acquisition of Shell Petroleum Development Company.
However, these qualifications may not be sufficient to overcome the current political storm surrounding his leadership. The allegations have created an untenable situation for the NNPC chief, with government sources suggesting that arrangements are being made for his graceful exit to avoid further embarrassment to the administration.
