Bayo Ojulari is currently facing pressure over alleged $21M scandal as EFCC and DSS operation sparked political storm.
Reports have surfaced alleging that Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), was compelled to sign a resignation letter on Friday night under pressure from operatives of the Economic and Financial Crimes Commission (EFCC).
Described by insiders as a “civilian coup,” the operation was reportedly conducted without presidential approval and allegedly supervised by EFCC Chairman Ola Olukoyede and the Director-General of the Department of State Services (DSS), Adeola Ajayi.
The Presidency, however, has denied any such development. Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated on Saturday that Ojulari remains the substantive CEO of NNPCL. Ojulari was appointed in April 2025 to spearhead critical reforms within the petroleum sector.
Efforts to obtain clarification from EFCC spokesperson were unsuccessful, as calls and messages were not returned as of press time.
According to reports, the controversy is rooted in a $21 million (₦34.65 billion) corruption scandal involving allegations of economic sabotage and mismanagement. Civil society organisations, including OilWatch Nigeria and the Workers’ Rights Alliance, have called for Ojulari’s arrest, citing claims that a detained associate, Abdullahi Bashir Haske, confessed to holding the funds on his behalf.
During a July 31 press conference at EFCC headquarters, the coalition accused Ojulari of contributing to Nigeria’s economic woes through the continued shutdown of refineries and alleged plans to privatise key NNPCL assets. The group began a three-day protest on August 1, targeting the National Assembly, NNPCL headquarters, and EFCC offices.
Further allegations suggest Ojulari was involved in a kickback scheme involving oil traders and pipeline contractors. The alleged scheme was uncovered after a whistleblower alerted authorities, following changes Ojulari made to fund collection processes. The EFCC is reported to have frozen an implicated account.
In a separate case, the Socio-Economic Rights and Accountability Project (SERAP) had in May 2025 called on the EFCC and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to investigate the alleged non-remittance of ₦500 billion by NNPCL to the Federation Account between October and December 2024.
However, not all voices are calling for Ojulari’s removal. Groups such as the Coalition for Good Governance and Change Initiatives (CGGCI) and the Human Rights Writers Association of Nigeria (HURIWA) have defended his tenure. They claim the protests are politically motivated and aim to derail Ojulari’s reform agenda.
Supporters credit Ojulari with initiating real-time monitoring of oil operations, auditing opaque contracts, and stabilising fuel supply; efforts they say have led to a noticeable reduction in fuel queues nationwide. These groups have urged President Bola Tinubu to support Ojulari’s anti-corruption drive.
Still, critics have flagged concerns about alleged excessive spending, including a costly retreat in Kigali involving private jets, and a reportedly toxic work environment that has driven multiple resignations within NNPCL.
The Niger Delta Environmental Justice Coalition (NDEJC) also criticised the alleged EFCC-DSS operation, calling it politically motivated. Nonetheless, the group acknowledged Ojulari’s role in improving oil output and revenue remittances.
As of 9:00 p.m. on Saturday, the EFCC had not issued any official statement regarding Ojulari’s purported resignation, arrest, or prosecution, leaving the matter shrouded in uncertainty amid competing narratives.