By Peter Dansu A storm is brewing at the Nigerian National Petroleum Corporation (NNPC) Limited as fresh revelations emerge about its emba...
By Peter Dansu
A storm is brewing at the Nigerian National Petroleum Corporation (NNPC) Limited as fresh revelations emerge about its embattled Group Chief Executive Officer (GCEO), Bayo Ojulari. According to an exclusive report by TheCable, Ojulari is at the center of a fast-unfolding controversy that has reportedly shaken the presidency and cast doubts over his continued stay in office.
Though unconfirmed reports say he has resigned, multiple insider sources told TheCable that Ojulari has not officially stepped down — but that "only a miracle will keep him in that office" much longer.
President Bola Tinubu, who appointed Ojulari just four months ago to succeed Mele Kyari, is said to be fuming over classified security briefings on the NNPC boss's alleged activities. And at the heart of the matter is a money trail that may be quietly fuelling political opposition against the president.
The Alleged Funding Link
Ojulari is reportedly under investigation for allegedly facilitating multi-million dollar transactions to AA&R Investment Group, a company with interests in oil and gas, agribusiness, logistics, and ICT. The company is run by Abdullahi Bashir-Haske, who is married to the daughter of former Vice President Atiku Abubakar — a known political rival of Tinubu.
Atiku, now aligned with the African Democratic Congress (ADC), is said to be eyeing another run for the presidency in 2027, making this revelation particularly alarming for Tinubu’s inner circle.
Sources claim Bashir-Haske was a regular beneficiary of NNPC contracts during the tenure of Maikanti Baru, who led the corporation between 2016 and 2019. However, once Mele Kyari took over, the relationship soured, and Haske was reportedly cut off from key NNPC dealings.
But things appear to have changed when Ojulari stepped in.
A Comeback for Atiku’s In-Law?
Before becoming GCEO of NNPC, Ojulari was already a big name in Nigeria’s oil sector. He led Shell Nigeria Exploration and Production Company (SNEPCo) and later founded BAT Advisory & Energy Company. His company notably advised Renaissance Africa Energy on a $2 billion deal to acquire Shell’s onshore assets in Nigeria.
Upon taking charge of NNPC in April 2025, Ojulari reportedly reinstated Haske's access to lucrative NNPC contracts — access that had been previously blocked. That decision has now raised red flags.
Some of the fresh transactions between NNPC and AA&R have already caught the attention of the Economic and Financial Crimes Commission (EFCC). According to TheCable, the anti-graft agency has interrogated Bashir-Haske and is probing what it describes as “large-scale money laundering through sophisticated financial structures.”
Tinubu Presidency Sees Betrayal
What started as a financial investigation has now taken on a political twist. Allegations have surfaced that through these NNPC-backed dealings, opposition forces — particularly those loyal to Atiku — may be indirectly receiving funding.
“The president is livid with rage. He sees this as a stab in the back,” a source familiar with the matter told TheCable.
Insiders say Ojulari’s actions amount to “sleeping with the enemy” and that even though the presidency wants him gone, they are carefully managing the optics to avoid a political blowback. “A soft landing will be provided,” one source said, hinting that Ojulari may be asked to quietly resign rather than be sacked outright so soon after his appointment.
For now, Ojulari remains in office — but his position is seen as all but untenable.
As the presidency scrambles to contain what insiders view as a serious breach of trust, the development underscores growing tensions between key players in the oil sector and the political establishment — and just how entangled the lines between power, money, and politics have become.
Source: TheCable
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