Modupe Olalere
In early August 2025, the Nigerian oil sector was thrown into disarray as rumours spread that Bayo Ojulari, Group Managing Director of NNPCL, had been forced to step down. The speculation hit at a particularly sensitive time for the industry, already under pressure from global shifts in energy and lingering governance issues.
Even as officials eagerly dismissed the allegations and insisted Ojulari remained firmly in that role, the damage was already done. On a deeper level, the controversy spoke to larger fears: political meddling, delays in reforms, and a lingering sense that there is no accountability at the heart of Nigeria’s most crucial energy institution. What has transpired is not simply about one man or one position—it is an indication of larger tensions that could affect the future of the country’s oil industry in the years to come.
On August 2, 2025, reports that Bayo Ojulari had not merely resigned from his position, but had been coerced to resign in the middle of the night reached “shocking” proportions. While sources have yet to be confirmed, media reports and social media were circulating that the incident was conducted by high-ranking officials from both the EFCC and DSS, with EFCC Chairman (Ola Olukoyede) and DSS Director General (Adeola Ajayi) supervising the fictional exodus of their own accord. Astounding? Even more remarkably, they had been conducting themselves allegedly without the approval of President Bola Tinubu. Within hours of this bizarre dissemination, a civilian coup started to spiral amongst the oil industry, government stakeholders, and citizens, taking hold directly and indirectly.
The storm of allegations didn’t go unanswered. The EFCC was quick to push back, issuing a statement firmly denying any role in a forced resignation or abduction. They insisted that while petitions against Ojulari were under review, everything was being done by the book—no pressure, no drama. The DSS also distanced itself from the claims, calling the reports untrue. From the presidency, Special Adviser Bayo Onanuga stepped in to clarify: Ojulari was still very much in charge at NNPCL, and any talk of resignation was baseless speculation.
Then, in what many saw as a deliberate move to silence the rumours, Ojulari showed up publicly at official events just days later, calm, composed, and still wearing the leadership badge. His presence was a clear signal: he hadn’t gone anywhere. To many observers, his steady hand amid swirling controversy spoke to a more profound truth—Ojulari wasn’t just surviving; he was navigating a complicated, high-stakes political landscape with quiet resilience.
The cloud over Ojulari deepened after his associate, Abdullahi Haske, was arrested in a $21 million corruption case. Haske’s reported confession sparked protests, with civil groups demanding Ojulari’s arrest. The scandal has further shaken trust in the petroleum sector, where calls for reform are growing louder.
According to insiders, Ojulari has caused upset. He’s portrayed as a reformer who wants to manage NNPCL like a company, not a political weapon. Others noticed his elimination of political power bloc leaders.
According to some, powerful forces invested in maintaining the old order quietly retaliated.
To complicate things further, rumours have circulated regarding Ojulari’s supposed connections to opposition parties. Whether there’s any truth to these claims, the gossip has created some unease within government circles, providing critics with more reasons to challenge his leadership. This situation underscores a deeper reality: in Nigeria’s oil industry, the battles for power extend beyond just oil—it’s also about politics, loyalty, and who ultimately gets to make the decisions.
When Bayo Ojulari became the Group Chief Executive Officer of NNPCL in April 2025, he assumed control of a struggling oil sector. His primary goals were to restore transparency, impose financial discipline, and ultimately prepare NNPCL as a commercial entity that can compete globally.
Ojulari also had another key objective: keeping Nigeria’s refineries in public hands. Although many commentators insist that the quickest way to bring the refineries up to standard is to sell them off, Ojulari has a different view. To him, privatisation is a strategy focused on immediate benefits at the expense of future costs; instead, he advocates for Nigeria to revamp its refineries’ operations for maintenance and production. He believes that once Nigeria fixes its refineries, it will hopefully be able to produce its fuel, stop being a slave to importing fuel, and create a more robust economy that does not depend on anyone for survival.
Still, it hasn’t been smooth sailing for Ojulari. The Senate has pressured him to account for nearly N210 trillion in missing revenue from 2017 to 2023, years before he took office, but now part of his responsibility is to untangle. He’s asked for time and promised transparency, but the sheer size of the problem shows just how messy things are.
His push for reform hasn’t gone down well with everyone either. By insisting on merit-based management and shutting out political interference, Ojulari has upset some influential figures. That resistance has slowed progress in a system that’s long been resistant to change.
Now, the uncertainty around his position is making investors nervous. As head of NNPCL, Ojulari plays a key role in overseeing oil exploration, production, and revenues that power the economy. Any sign of instability could stall projects, drop output, and scare off much-needed foreign investment.
Ojulari said he will be blunt: Nigeria needs to concentrate on developing “bankable” oil and gas projects to remain competitive in the global energy arena. While not disputing the global shift to renewables, he argues that oil and gas remain essential now and in Nigeria. His approach is called transformation and stability, aimed at getting economic growth but gradually moving toward cleaner energy.
That vision is now under assault. However, the swirling controversies and corruption allegations threaten to derail NNPCL’s reform effort. Yet, without strong leadership and direction, these core goals to revive the refineries, reduce fuel imports, and create jobs could also be placed on the back burner. That endangers not only investment in power but the faith of ordinary Nigerians.
The uproar over Bayo Ojulari’s supposedly resigned appointment is just the tip of the iceberg. Politics exerts too much influence over every area of power; the money and the power create a climate of competing interests. It is little surprise that it has attracted interest in seeking a slice of the action. Reports that security state agencies colluded to remove Ojulari as the foundations of governance and transparency in Nigeria are diminishing by the day.
Although the EFCC said they were doing their job, there is a growing scepticism amongst Nigerians. There is a growing recognition that anti-corruption sometimes has a political agenda, resulting in distrust of institutions that should be there to provide accountability and a pathway to justice.
Strong leadership alone is not enough to enable NNPCL to achieve its mandate. NNPCL will need to be safeguarded from political influence, well governed, and autonomous enough to initiate reforms that can provide transparency, efficiency, and sustainability for itself and the country.
Ojulari’s experience demonstrates the challenges of operating in a system of entrenched interests when attempting to effect systemic change. Redirecting NNPCL requires more than capabilities; it requires systems that safeguard reformers from coercion and corruption.
If meaningful change is to occur, the government should support reform-oriented leadership, even if it is unpopular. Investor confidence and the acceleration of the oil industry will depend on transparent oversight, honest stakeholder engagement, and robust action against corrupt behaviours.
This leadership crisis highlights the governance problem. When significant assets like NNPCL are pulled into political wars, institutions weaken, and the country pays the price. To better facilitate the recovery of these institutions going forward, the country will need to rebuild, which is critical to developing an economy and building resilience.
Oil remains the backbone of Nigeria’s economy, which provides the funds for infrastructure, salary payments, and basic services. Instability stemming from NNPCL does not occur behind corporate doors; it affects millions of Nigerians. If confidence in its leadership is not restored, this is no longer an issue of business, but an essential issue of governance and national stability.