The tenure of Bayo Ojulari as the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation (NNPCL) appears to be at an end, sources informed TheCable on August 4, 2025. While some reports suggest that Ojulari has already resigned, insiders claim that he has not officially stepped down, though “only a miracle will keep him in office.”
Ojulari, appointed by President Bola Ahmed Tinubu just four months ago to replace Mele Kyari, is reportedly under intense scrutiny following allegations of corruption. Sources suggest that the President is furious over security reports concerning Ojulari’s actions, particularly his involvement in alleged money laundering activities. These investigations are centered around the alleged transfer of millions of dollars to the account of AA&R Investment Group, a company involved in energy, agribusiness, logistics, and ICT.
Abdullahi Bashir-Haske, the founder and managing director of AA&R and son-in-law of former Vice President Atiku Abubakar, is at the center of the controversy. Atiku, who is eyeing a 2027 presidential bid, could potentially challenge Tinubu. Bashir-Haske, known for his ties to previous NNPC leadership, reportedly enjoyed considerable patronage during Maikanti Baru’s tenure as GCEO from 2016 to 2019. However, this patronage ceased under Kyari’s leadership, which led to a strained relationship.
Upon taking office in April 2025, Ojulari reversed Kyari’s stance, restoring all the privileges that Bashir-Haske had previously been denied. Some of these transactions have raised red flags with the Economic and Financial Crimes Commission (EFCC), which has launched an investigation into the financial dealings of both men. The EFCC has questioned Bashir-Haske over large-scale money laundering allegations.
Sources close to the situation revealed that President Tinubu is “livid with rage” over these developments, seeing them as a “stab in the back.” The relationship between Ojulari and Bashir-Haske is now seen as problematic, with critics accusing the NNPC boss of “sleeping with the enemy.”
Insiders suggest that while it is too early to remove Ojulari completely, a “soft landing” will be orchestrated for him to exit gracefully. However, his days at the helm of NNPCL may be numbered unless there is a significant shift in his standing.
The political ramifications of this scandal are far-reaching, with the possibility that these developments may influence the upcoming 2027 elections.