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Ojulari’s Future as NNPCL’s GCEO in Turbulent Political Waters
The political waters in Nigeria appear to be in high currents at state oil major, the Nigerian National Petroleum Company Limited (NNPCL), with the Group Chief Executive Officer (GCEO), Bayo Ojulari, facing allegations of reckless spending and funding the opposition.
The allegations, Biztellers gathered, have cast doubts on the tenure of Ojulari, who was said to be acting through a crony.
An online news platform had on Sunday reported that Ojulari was forced to resign in controversial circumstances, a claim that has been denied in some quarters.
President Bola Tinubu, had on April 2, 2025 appointed Ojulari, a former Managing Director of Shell Nigeria Exploration and Production (SNEPCO), Limited as the GCEO of NNPC Ltd following the sack of the erstwhile management led by Mele Kyari.
But, four months into the saddle of leadership at NNPCL, all appears not to be well as series of allegations have been levelled against the GCEO.
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It was alleged that Ojulari since assuming office, rather than cut cost has been living an extravagant lifestyle, thus putting a strain on the finances of the state oil major.
“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.
“Less than two weeks into his role, Ojulari reportedly jetted off to Paris aboard a private aircraft, accompanied from Paris, the jet roared off to London where Ojulari met the President — an early glimpse into the GCEO’s taste for flamboyance,” a source said.
The source claimed that while the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, flew British Airways to Vienna for a seminar organised by the Organisation of Petroleum Exporting Countries (OPEC), the NNPC Boss went to the same venue in far away Austria in a chartered private jet.
“Yet perhaps the most galling display came in July, when Ojulari flew to Vienna, Austria aboard another private jet to attend the International OPEC Seminar. While Nigeria’s Minister of State for Petroleum flew on British Airways, Ojulari’s journey reportedly cost NNPCL close to $1 million,”.
Earlier in May, while Nigeria’s oil output plummeted and NNPCL’s operational struggles mounted, Ojulari was said to have been spotted in Bologna, Italy on yet another private visit.
But the gallivanting lifestyle didn’t end there as sources confirmed a luxury detour to Monaco to attend the Formula 1 Grand Prix, sipping rare champagne while Nigeria’s refineries remained comatose.
Weeks later, the extravagance reached a crescendo. 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, according to insiders, ferried in “his ladies”, while a fountain of Dom Pérignon, single malt whiskies, and vintage cognac flowed throughout the weekend. “It was like a royal coronation,” said a source present at the party.
“Imported chefs, luxury hotels, Rolexes exchanged as party souvenirs, this man lives like oil wells are buried in his backyard.”
However, the last straw that broke the camel’s back is the reported link of Ojulari to Abdullahi Bashir-Haske, the founder and Group Managing Director of AA&R, who is married to the daughter of Atiku Abubakar, the former Vice-President.
Bashir-Haske, Atiku’s son-in-law, reportedly enjoyed regular NNPC patronage when Maikanti Baru was NNPC’s Chief Executive from 2016 to 2019. Baru died in 2020 during the COVID pandemic.
Kyari, who was the Group General Manager of the crude oil marketing division of the national oil company, succeeded Baru.
When he took over the reins, Kyari was reportedly unhappy with Bashir-Haske and subsequently cut him off from NNPC patronage.
Bashir-Haske, however, continued to do business with Ojulari, who was operating in the oil sector in various capacities, notably as MD of Shell Nigeria Exploration and Production Company (SNEPCo) and later as founder/chairman of BAT Advisory & Energy Company Nigeria Ltd.
BAT Advisory & Energy advised Renaissance Africa Energy Company Limited in its $2 billion takeover of Shell Petroleum Development Company of Nigeria Limited (SPDC).
Following his appointment as NNPC GCEO in April, Ojulari restored all the privileges Bashir-Haske had been denied by Kyari.
Some of the transactions between NNPC and Bashir-Haske were flagged by the Economic and Financial Crimes Commission (EFCC), TheCable reported.
The anti-graft body has questioned Bashir-Haske, accusing him of orchestrating “large-scale money laundering through sophisticated financial structures”.
There are now allegations that NNPC was, perhaps inadvertently, funding the opposition through him.
Ahead of the 2026 governorship election, the Ndigbo community across the local government areas of Osun State has declared its support for the second-term bid of Governor Ademola Adeleke.
A government house statement in Osogbo on Wednesday night has it that ndi Igbo cited his administration’s developmental strides across the state for their decision.
The endorsement was made during a courtesy visit by leaders of the Igbo community in Osun to the governor at the Government House in Osogbo, where they commended his leadership and commitment to inclusive governance.
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Speaking on behalf of the association, President-General of the Ndigbo in the state, Chief John Dike, praised the governor for the infrastructural and social development projects being carried out across the state.
He particularly commended the governor for appointing some members of the Igbo community as Senior Special Assistants, describing the gesture as a sign of recognition and inclusion of the community in the affairs of the state.
Chief Dike, however, appealed for further inclusiveness, requesting that more Igbo indigenes be considered for appointments into the state cabinet and other employment opportunities within the government.
He also urged the state government to allocate land for the construction of a modern secretariat for the Igbo community and grant approval for an endorsement rally in support of the governor’s re-election bid.
In addition, the Ndigbo leader sought assistance for Igbo farmers operating within the state, while assuring the governor of the community’s unwavering support for his administration and second-term ambition. Members of the delegation also presented campaign caps to the governor as a symbol of their solidarity.
Responding, Governor Adeleke expressed appreciation for the endorsement, noting that the Igbo community has continued to contribute positively to the social and economic development of the state.
He assured them that his administration would continue to promote their welfare and support their progress, while granting the requests presented during the visit.
Osun State Governor, Senator Ademola Jackson Nurudeen Adeleke, has declared that his administration’s record of performance and fulfilment of electoral promises justifies a second term in office.
A government house statement in Osogbo on Wednesday has it that the governor made the declaration while hosting a delegation of the Ansar-Ud-Deen Society of Nigeria (ADS), Osun State Council, during a courtesy visit to the Government House, Osogbo.
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It was gathered that the delegation was led by the National Vice President of the society, Asiwaju Justice Adeigbe (Rtd), alongside the Chairman of the Osun State chapter, Chief Daud Oladapo.
Speaking on behalf of the delegation, the State Secretary of the society, Dr Afeez Akande, praised the Governor’s performance and pledged the support of the organisation for the continuity of the administration.
“We have been following what you are doing and your track records. You are wonderful and you are marvelous in our eyes. The monumental works you have been doing in Osun make it look like we have never had a Governor like this before,” Dr Akande said.
He noted that the administration’s projects are known for timely delivery and strategic impact on the lives of residents.
“We have identified that once you embark on projects, they are time-bound. It shows genuine administrative acumen, love for the state and love for the people,” he added.
Dr Akande also cited infrastructural developments, specifically the ongoing dualisation of roads, notably that of Iwo as an example of the Governor’s vision-driven leadership.
“That road project has helped to boost economic activities in the area. Such development can only come from someone with vision who follows through with implementation. We appreciate what you are doing and we are resolved to support the continuity,” he said.
Responding, Governor Adeleke thanked the delegation for the visit and reaffirmed his commitment to people-centred governance.
“Today marks the starting point of campaigning for the August 15, 2026 governorship election. We need your prayers and support for a free and fair election through which the will of the people will prevail,” the Governor said.
Governor Adeleke also unveiled an upgraded Five-Point Agenda that will drive his re-election campaign.
“Our reloaded Five-Point Agenda will focus on integrated youth, women and workers’ welfare and empowerment; infrastructure consolidation for citizens’ social and economic wellbeing; agro-industrial expansion for human development and collective prosperity; affordable and qualitative health and education access; and an improved and secured business environment for job creation,” the Governor stated.
Explaining why he deserves a second term, the Governor pointed to the administration’s record across several sectors.
“When the opposition asked whether I deserve to be re-elected, I told them yes based on my performance in this first term in office,” the Governor said.
“I deserve re-election because of what our administration has delivered for the people of Osun. We have empowered the cooperative movement with almost four billion naira, strengthened community development associations with grassroots health and infrastructure projects, and implemented the Imole Medical Outreach that has benefited almost eighty thousand residents.”
He added that the administration has also revived agriculture and rural development across the state.
“We revived the cocoa revolution through aggressive seedling distribution and new farmers’ initiatives, acquired brand new tractors now serving farmers across the state, and implemented thousands of local projects through integrated rural development under the O-RAMP programme,” he said.
Governor Adeleke further highlighted achievements in governance, infrastructure and economic management.
“We introduced a 45-day window for the acquisition of Certificates of Occupancy, revived the Osun Free Trade Zone with active investors, digitised tax and revenue collection, and implemented the SIFMIS payroll application to ensure transparency in the management of public funds,” he stated.
The Governor also cited major achievements in infrastructure and social services.
“We have constructed over 350 kilometres of roads, developed three major flyover bridges, revived six moribund waterworks, drilled 332 boreholes across wards, rehabilitated schools and health centres, and paid inherited half salaries and almost one hundred billion naira in pension debts,” he added.
Governor Adeleke assured the people of Osun that his administration will continue to deliver inclusive governance and sustainable development if re-elected.
“My promise to the people of Osun is that now and when we are re-elected, we will continue to run an inclusive and forward-looking government that keeps the people at the centre of our programmes and policies,” he said.
Other dignitaries, and political functionaries present included the Deputy Governor of Osun State, Prince Kola Adewusi, and the Head of Service, Elder Ayanleye Aina.
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
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