By our reporter
The Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, is currently facing serious allegations of bribery and financial misconduct. According to reports from several media outlets, including SaharaReporters, Ojulari allegedly paid $1.5 million to senior security aides of President Bola Tinubu in a bid to gain personal access and influence within the Presidency.
The report claims the money was paid to Adegboyega Fasasi, the Chief Security Officer, and Usman Shugaba, the Chief Personal Security Officer to the President. The payment was allegedly made to facilitate direct access to the President for personal or corporate gains.
In response to the allegations, Ojulari has strongly denied any wrongdoing. He described the accusations as false, malicious, and entirely without merit. He said the report was an attempt to damage his reputation and undermine his efforts to reform the NNPCL. He also confirmed that he is consulting with his legal team and is considering taking legal action against those responsible for the publication of the claims.
Civil society groups and anti-corruption advocates have since called for an independent investigation into the matter. Some have urged Ojulari to publicly address the allegations and submit himself to scrutiny in order to maintain public trust and protect the credibility of the NNPCL.
In addition to the bribery allegation, there are other financial concerns being raised about the management of the NNPCL. A recent scandal involving a ₦5.7 billion consultancy contract awarded to a company called HASKE has drawn criticism, with many calling for Ojulari’s suspension pending investigation. The Nigerian Senate has also summoned NNPCL executives over ₦210 million in missing funds linked to the Port Harcourt refinery project.
Ojulari himself has admitted that NNPCL refineries are currently losing between ₦300 million and ₦500 million every month. He blamed the losses on sabotage, theft, and longstanding operational inefficiencies.
These allegations and financial controversies come at a critical time for NNPCL, which is undergoing restructuring as part of efforts to transform it into a commercially-driven entity. There are growing concerns that the ongoing issues could damage investor confidence and public perception of the company.
Although no official charges have been filed, the pressure is mounting on both the Presidency and anti-corruption agencies to take decisive action and ensure a thorough investigation is conducted.
