The tenure of Bashir Bayo Ojulari as Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited may be nearing an unceremonious end, TheCable has learnt.
Despite reports suggesting he has resigned, insider sources insist that Ojulari remains in office—though “only a miracle will keep him there” amid rising pressure.
President Bola Tinubu, who appointed Ojulari just four months ago to replace Mele Kyari, is said to be “livid” after receiving damning security reports regarding the GCEO’s activities in office.
At the centre of the storm is an ongoing money laundering probe involving multi-million dollar transfers from NNPC to AA&R Investment Group, a company operating across energy, agribusiness, logistics, and ICT sectors. Notably, AA&R is owned by Abdullahi Bashir-Haske, who is married to the daughter of former Vice President Atiku Abubakar.
Atiku, now a leading presidential hopeful under the African Democratic Congress (ADC), is expected to challenge Tinubu in the 2027 elections—making the link politically explosive.
The Baru Connection
Sources allege that Bashir-Haske enjoyed strong NNPC patronage during the tenure of Maikanti Baru, who led the corporation from 2016 until 2019 and passed away in 2020. However, his successor, Mele Kyari, reportedly severed those ties after assuming office.
Ojulari, who had long-standing ties to the oil and gas industry—including stints as Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo) and as founder of BAT Advisory & Energy—allegedly reestablished business dealings with Bashir-Haske upon becoming NNPC boss.
BAT Advisory had earlier advised Renaissance Africa Energy Company Limited in its $2 billion acquisition of Shell Petroleum Development Company of Nigeria Limited (SPDC).
“Sleeping with the Enemy”
According to sources, Ojulari’s restoration of business privileges to Bashir-Haske triggered scrutiny from the Economic and Financial Crimes Commission (EFCC), which flagged some transactions as suspicious. The agency has since interrogated Bashir-Haske over what it describes as “large-scale money laundering through sophisticated financial structures.”
Security agencies have raised concerns that the transactions may have inadvertently channeled NNPC funds into opposition political activities.
“The president feels betrayed,” a source familiar with the matter revealed. “He believes Ojulari is sleeping with the enemy. While outright removal may seem premature, plans are already in motion to offer him a soft landing.”
The situation remains fluid, but barring an unexpected turnaround, Ojulari’s days at the helm of NNPC appear to be numbered. /Additional report by The Cable