The Nigerian presidency has dismissed claims that the nation’s top oil executive was coerced into resigning, following speculation about pressure from anti-corruption and security agencies. Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), remains at the helm of the state-owned energy firm, according to a presidential spokesperson.
Presidential aide Sunday Dare categorically denied allegations that the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS) compelled Ojulari to sign a resignation letter. “Not true,” Dare stated unequivocally in a brief response to Media Talk Africa late Saturday. The rebuttal came amid reports that authorities sought to abruptly end Ojulari’s tenure, citing unnamed sources.
The NNPC had earlier sounded alarms about alleged efforts to undermine its leadership. In a June 27 statement, the company warned of “plans to sabotage the new leadership,” though it did not specify the nature of the threats. Ojulari assumed the role in April 2025 following President Bola Tinubu’s decision to replace former CEO Mele Kyari, as part of broader reforms in Nigeria’s critical energy sector.
Ojulari’s appointment initially signaled Tinubu’s push to stabilize Africa’s largest oil producer, which faces challenges ranging from crude theft to regulatory uncertainty. His stewardship has drawn scrutiny, however, as Nigeria struggles to revive production and attract foreign investment amid global energy transitions.
The recent rumors coincide with heightened public interest in NNPC’s accountability. Over the past decade, the company has faced repeated calls to improve transparency, particularly after its 2022 transition from a state-run entity to a commercial venture. The EFCC and DSS, agencies central to enforcing accountability and national security, have not publicly commented on the claims.
Analysts note that leadership instability at NNPC could unsettle markets, given the oil sector’s role in funding nearly 90% of Nigeria’s foreign exchange earnings. While there is no evidence linking the presidency or security bodies to the alleged coercion, the denial seeks to preempt perceptions of internal discord within a institution pivotal to the nation’s economy.
As developments unfold, stakeholders await further clarity on the NNPC’s operational direction and the broader implications for Nigeria’s oil-dependent fiscal landscape.
