The Nigerian National Petroleum Company Limited (NNPCL) is at the centre of a $21 million scandal that has snowballed into a political and corporate crisis, placing Group Chief Executive Officer (GCEO), Bayo Bashir Ojulari, on the verge of an unceremonious exit just four months after his appointment, according to report by Keeping Them Honest.
Ojulari: I resigned voluntarily sans gunpoint
Other media reports had indicated that Ojulari had already signed his letter if resignation and that what was remaining was a formal announcement of his ouster by The Presidency.
The $21- million -controversy erupted last week when a coalition of activist groups staged a protest at the EFCC headquarters in Abuja, demanding Ojulari’s arrest over an alleged N34.65 billion ($21 million) corruption scandal.
The protesters accused him of using proxies to siphon funds meant for national development and claimed the scandal had “plunged Nigeria into a crisis of trust.”
At the heart of the storm is Abdullahi Bashir Haske, a young oil entrepreneur and son-in-law to opposition leader Atiku Abubakar. Haske, a long-time associate of Ojulari, allegedly told investigators that the $21 million found in his company’s account belonged to the NNPCL boss.
Insiders, however, describe the funds as a routine “stakeholders’ contingency,” a monthly disbursement historically used to grease Nigeria’s intricate web of corporate and political relationships vital to NNPCL’s operations. The fund, sometimes called the “Ease of Doing Business” purse, was always quietly managed by senior NNPCL executives until Ojulari allegedly insisted on taking direct control through Haske, his trusted associate.
The problem, sources say, began when the funds were parked in Haske’s account without immediate redistribution, triggering alarms within NNPCL and other stakeholders. The optics of Ojulari’s cozy relationship with Haske, who is married to Atiku’s daughter, have not helped matters. Insiders allege that President Tinubu is “incensed” by intelligence reports suggesting that NNPCL resources may have been channeled, wittingly or unwittingly, towards opposition networks.
“Everyone here feels betrayed. Ojulari’s open fraternization with Haske, including flying in the same private jets as Atiku, has become politically indefensible,” a senior government source disclosed.
“His exit is a matter of when, not if.”
Although rumours of Ojulari’s resignation made the rounds over the weekend, sources hazard that while no formal resignation has been tendered, discussions are underway for a “soft landing” to avoid embarrassing the Tinubu administration.
Amid the media frenzy, the Arewa Economic Forum (AEF) has waded into the fray, urging
the Federal Government to provide a definitive statement on Ojulari’s status. The Northern economic think tank cautioned that a leadership vacuum at NNPCL could destabilize economic planning and damage investor confidence. The AEF also condemned reports that security agencies had coerced Ojulari into signing a resignation letter—a claim that both EFCC and DSS have vehemently denied.
Top-level sources from both agencies insist Ojulari has not been arrested, interrogated,
or forced to resign, dismissing the allegations as “false and unfounded.” Nonetheless, the
pressure on Ojulari is mounting, with perceptions of disloyalty and political naivety weighing
heavily against him.
Ojulari’s association with Haske dates back to his days in the private sector, where hereportedly consulted for Haske before ascending to the NNPCL helm. His critics now accuse him of restoring privileges to Haske that had been revoked by former NNPCL boss Mele Kyari due to concerns over Haske’s political affiliations.
The $21 million fund, considered minor by oil industry standards, has inadvertently become a symbol of deep mistrust and factional rivalries within the presentday NNPCL. What started as routine corporate logistics has now morphed into a scandal of national proportions, with
Ojulari, by his own device, caught in the crossfire of politics, optics, and raw power play.
For now, the presidency remains tight-lipped, but few believe Ojulari can survive this crisis.
[Credit: Keeping Them Honest]
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NNPCL boss, Ojulari, allegedly forced to resign
NNPCL debacle and the proverbial “Ojú la rí, ënìkan ò r’ínú”, By Sufuyan Ojeifo
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