The Presidency has confirmed Bayo Ojulari as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), despite circulating rumors about his alleged arrest and forced resignation by the Economic and Financial Crimes Commission (EFCC).
Background
Bayo Ojulari was appointed as the new NNPC boss by President Bola Tinubu in April 2025, replacing Mele Kyari. Since his appointment, Ojulari has been working to restructure the NNPC and improve its operations ¹ ².
EFCC Investigation
The EFCC has been investigating several top officials of the NNPC, including Ojulari's predecessor, Mele Kyari, over alleged corruption and mismanagement of funds. The investigation focuses on the company's handling of refinery rehabilitation projects, with billions of dollars spent on maintenance and repairs without significant improvements.
In June 2025, the EFCC arrested Umar Isa, the former Chief Financial Officer of NNPC, and Jimoh Olasunkanmi, former Managing Director of the Warri Refinery, over alleged $7.2 billion fraud linked to refinery maintenance ³ ⁴.
Rumors and Clarifications
Despite rumors of Ojulari's alleged arrest and forced resignation, the EFCC has denied these claims, stating that they received a petition against Ojulari and are investigating the matter. A senior EFCC official said, "Those are fake news... No one was abducted. People brought a petition, and we said we'd look into it."
The NNPC has not issued an official statement regarding Ojulari's rumored resignation, and the company currently lacks a spokesperson following Olufemi Soneye's recent departure ¹.
Implications
The confirmation of Bayo Ojulari as NNPC boss is expected to provide stability and continuity to the company's operations. However, the ongoing investigation by the EFCC may impact the company's reputation and operations. The NNPC's efforts to improve transparency and accountability will be crucial in addressing these challenges ³.
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