EFCC, DSS, and the $21 Million Standoff: Inside the Power Storm Rocking NNPCL Boss Ojulari
ABUJA – The embattled Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has become the focus of swirling corruption allegations, high-stakes power intrigues, and a media firestorm following reports of a forced resignation attempt allegedly orchestrated by the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS).
The EFCC has confirmed receiving a formal petition against Ojulari, while vigorously denying claims that he was abducted or compelled to sign a resignation letter.
“Those are fake news,” an EFCC official told Sunday PUNCH, speaking on condition of anonymity. “It is not true that the EFCC abducted him. Protesters submitted a petition asking us to investigate the NNPCL chairman, and we told them we would look into it.”
Simultaneously, a top DSS source dismissed allegations of involvement in an unlawful “civilian coup” to oust Ojulari as “unfounded and misleading.”
Alleged Pressure from the Presidency
Multiple sources within NNPCL and the Presidency revealed unease with Ojulari’s assertive management style. Appointed in April 2025 by President Bola Tinubu, Ojulari replaced long-serving GCEO Mele Kyari and was reportedly tasked with commercializing the NNPCL’s operations. Insiders claim his resistance to political interference and sweeping sack of top officials created enemies within the corridors of power.
Amidst this friction, Ojulari’s reported ties to an unnamed opposition politician have further deepened suspicion among influential government figures.
$21 Million Kickback Scandal
At the heart of the controversy is a $21 million corruption allegation involving oil traders and pipeline contractors. Civil society coalitions, led by OilWatch Nigeria and the Workers’ Rights Alliance, accuse Ojulari of economic sabotage, citing a whistleblower revelation that the funds were held by a detained associate, Abdullahi Bashir Haske, allegedly on Ojulari’s behalf.
The protest groups, now staging a three-day demonstration across Abuja, have also blamed Ojulari for the prolonged shutdown of Nigeria’s refineries and claimed he is plotting to privatize NNPCL assets without due process.
EFCC Freeze and Refineries Fallout
According to reports, Ojulari had reassigned fund collection responsibilities internally, prompting a whistleblower tip that led to the EFCC freezing a suspicious account. This financial footprint reportedly exposed a sophisticated kickback structure that added fuel to the protest campaigns against him.
However, prominent groups like the Coalition for Good Governance and Change Initiatives (CGGCI) and HURIWA have risen in his defense, describing the protests as politically engineered to derail Ojulari’s reform agenda.
“He introduced real-time monitoring systems, audit trails on opaque contracts, and stabilized fuel queues nationwide. This man is shaking the oil cabal,” CGGCI stated.
Senate Probes N210 Trillion Unaccounted Assets
Ojulari is also under legislative scrutiny after he appeared before the Senate Public Accounts Committee, chaired by Senator Ahmed Wadada, over an unaccounted N210 trillion in assets and liabilities from the 2017–2023 audit period.
“None of the queries originated from the executive or judiciary,” Senator Wadada clarified. “The committee demands full written responses to all 19 audit issues within three weeks.”
Ojulari, appearing before the committee for the first time since assuming office, requested additional time and vowed to engage external auditors in reconciling the financial records.
“This is a huge national assignment,” he said. “I need to understand the issues myself so I can respond appropriately.”
No Official NNPCL Comment Yet
Amid the uproar, the NNPCL has not issued an official response. Efforts to reach its communication unit were stalled by a vacuum left following the resignation of former spokesperson Olufemi Soneye.
The Presidency, via Special Adviser Bayo Onanuga, has confirmed that Ojulari remains the substantive head of NNPCL, dismissing the forced resignation report.
As of Saturday 9:00 PM, no statement has been released by EFCC or DSS affirming any formal investigation or arrest of Ojulari. The situation remains tense and unresolved.
This is IDNN. Independent. Digital. Uncompromising.
