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Conflicting reports have emerged over the fate of Mr. Bashir Bayo Ojulari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), with growing speculation surrounding his possible resignation and alleged links to opposition political circles, particularly former Vice President Atiku Abubakar.

Ojulari, who was appointed in April 2025 by President Bola Ahmed Tinubu to succeed Mele Kyari, is reportedly under intense scrutiny following damning security reports and ongoing investigations into suspicious financial transactions involving the national oil company and AA&R Investment Group — a firm owned by Atiku’s son-in-law, Abdullahi Bashir-Haske.

While some sources claim Ojulari has tendered his resignation under pressure, others insist he remains in office, albeit hanging by a thread. “Only a miracle will keep him in office at this stage,” one insider told TheCable, adding that President Tinubu is “livid” over what is being described within the presidency as a betrayal of trust.

The core of the controversy centers on money laundering allegations implicating Ojulari in the transfer of millions of dollars from NNPCL accounts to AA&R Investment Group, a company with sprawling interests in energy, agriculture, logistics, and ICT.

AA&R was said to be led by Bashir-Haske, who is married to a daughter of Atiku Abubakar — now a presidential hopeful under the African Democratic Congress (ADC), and potentially Tinubu’s main challenger in the 2027 elections.

The implication of Atiku’s son-in-law in these transactions has raised political tensions, with some within the presidency alleging that NNPCL may have, perhaps unwittingly, been funding the opposition through the oil deals.

Ojulari, formerly the managing director of Shell Nigeria Exploration and Production Company (SNEPCo), has maintained longstanding ties with Bashir-Haske, including through his own firm, BAT Advisory & Energy Company. BAT was instrumental in advising Renaissance Africa Energy on its recent $2 billion takeover of Shell’s onshore assets in Nigeria.

Sources allege that upon Ojulari’s appointment to lead NNPCL, he promptly reinstated previously revoked privileges enjoyed by Bashir-Haske under past administrations. His predecessor, Mele Kyari, had reportedly frozen Haske out of NNPC dealings upon taking over from the late Maikanti Baru in 2019, citing concerns over undue influence and opacity.

The Economic and Financial Crimes Commission (EFCC) is believed to have flagged some of the revived transactions under Ojulari’s tenure and has reportedly questioned Bashir-Haske on suspicions of large-scale money laundering via “sophisticated financial structures.”

The presidency, meanwhile, has officially denied ordering Ojulari’s removal or resignation. In a statement on Saturday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, dismissed as “baseless” media reports suggesting Ojulari was detained and coerced into resigning by EFCC Chairman Ola Olukoyede and DSS Director-General Adeola Ajayi.

“No such directive was issued by the president,” Onanuga stated, emphasizing that Ojulari “remains in his position.”

Despite the official denial, NNPCL itself has conspicuously refused to address the matter publicly. More than 48 hours after news of the alleged resignation first broke, the corporation has maintained a stony silence, fueling suspicions that behind-the-scenes negotiations may be ongoing to manage Ojulari’s potential exit and the political fallout.

“There is a strong feeling in the Villa that Ojulari has been ‘sleeping with the enemy’,” said a source familiar with the matter. “Even though a soft landing may be arranged for him, his days at the helm of NNPCL appear to be over.”

Ojulari’s appointment was part of a broader restructuring of the NNPCL leadership initiated by President Tinubu in April, which also saw the removal of Chairman Chief Pius Akinyelure and Mele Kyari as GCEO. The reforms, as stated then by Onanuga, were aimed at enhancing efficiency, transparency, and investor confidence in Nigeria’s oil and gas sector, in line with the Petroleum Industry Act, 2021.

Now, with corruption allegations and a politically sensitive connection threatening to overshadow those goals, Ojulari’s position appears increasingly untenable — even if not yet officially vacant.

As the dust continues to swirl, the NNPCL’s silence remains deafening.

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