The atmosphere at the Corporate Headquarters of the Nigerian National Petroleum Company Ltd (NNPC Towers) in Abuja is currently tense amid uncertainty surrounding the fate of its Group Chief Executive Officer (GCEO), Mr. Bayo Ojulari, over allegations of reckless spending and funding the opposition party through a crony.
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An online news platform reported on Sunday that Ojulari was forced to resign under controversial circumstances, a claim denied by some quarters.
President Bola Tinubu appointed Mr. Bayo Ojulari, a former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) Limited, as the GCEO of NNPC Ltd on April 2, 2025, following the dismissal of the previous management led by Mr. Mele Kyari.
However, just four months into his leadership, serious allegations have been levelled against Ojulari. It is alleged that instead of cutting costs, Ojulari has adopted an extravagant lifestyle that has strained the finances of the state oil company.
“Since assuming office just over three months ago, Ojulari has not boarded a single commercial flight. Instead, the state oil company boss has indulged in a jet-set lifestyle more befitting a billionaire playboy than the head of a struggling national energy corporation,” a source revealed.
Less than two weeks into his role, Ojulari reportedly jetted off to Paris aboard a private aircraft. From Paris, the jet flew to London, where Ojulari met the President offering an early glimpse into the GCEO’s taste for flamboyance.
The source added that while the Minister of State for Petroleum Resources, Mr. Heineken Lokpobiri, flew British Airways to Vienna for a seminar organised by the Organisation of Petroleum Exporting Countries (OPEC), the NNPC Boss attended the same event in Austria on a chartered private jet.
“The most galling display came in July when Ojulari flew to Vienna aboard another private jet to attend the International OPEC Seminar. While Nigeria’s Minister of State for Petroleum Resources flew commercial, Ojulari’s journey reportedly cost NNPCL close to $1 million,” the source said.
In May, while Nigeria’s oil output declined and NNPCL’s operational struggles worsened, Ojulari was spotted on another private visit to Bologna, Italy. His extravagance extended to a luxury detour to Monaco to attend the Formula 1 Grand Prix, reportedly sipping rare champagne while Nigeria’s refineries remained idle.
Weeks later, to mark his 60th birthday, Ojulari reportedly chartered two private jets to Dubai, turning the desert city into a lavish playground. One of the jets reportedly ferried “his ladies,” while a fountain of Dom Pérignon, single malt whiskies, and vintage cognac flowed throughout the weekend.
“It was like a royal coronation,” a source said. “Imported chefs, luxury hotels, Rolexes exchanged as party souvenirs—this man lives like oil wells are buried in his backyard.”
The final blow came with reports linking Ojulari to Abdullahi Bashir-Haske, founder and Group Managing Director of AA&R, who is married to the daughter of former Vice-President Atiku Abubakar.
Bashir-Haske reportedly enjoyed regular NNPC patronage during Maikanti Baru’s tenure as NNPC Chief Executive (2016–2019). Baru died in 2020 during the COVID-19 pandemic. His successor, Mele Kyari, who was formerly Group General Manager of the crude oil marketing division, was said to have cut Bashir-Haske off from NNPC contracts.
However, Bashir-Haske resumed business with Ojulari, who had served in various capacities in the oil sector, including as MD of SNEPCo and later as founder and chairman of BAT Advisory & Energy Company Nigeria Ltd. BAT Advisory & Energy advised Renaissance Africa Energy Company Limited on its $2 billion takeover of Shell Petroleum Development Company of Nigeria Limited (SPDC).
Following Ojulari’s appointment as NNPC GCEO, all privileges previously denied to Bashir-Haske were reportedly restored.
Some transactions between NNPC and Bashir-Haske have been flagged by the Economic and Financial Crimes Commission (EFCC), which has questioned Bashir-Haske over alleged large-scale money laundering using sophisticated financial structures.
There are now allegations that NNPC may have inadvertently funded the opposition through Bashir-Haske.
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