NNPC GMD Bayo Ojulari Resigns Amid Explosive Fraud Allegations, DSS Informed

In a sudden turn of events that has rocked Nigeria’s oil sector, the Group Managing Director (GMD) of the Nigerian National Petroleum Company Limited (NNPC), Mr. Bayo Ojulari, has reportedly tendered his resignation amid mounting allegations of financial misconduct and corporate mismanagement.

Multiple sources confirmed that Ojulari, who was appointed to lead the state-owned oil behemoth in April 2025, stepped down on Friday. His resignation letter was reportedly addressed directly to the Director General of the Department of State Services (DSS), Adeola Oluwatosin Ajayi—a move seen by insiders as highly unusual and indicative of deeper issues.

The resignation comes on the heels of serious accusations that implicate Ojulari in a wide-reaching financial scandal. Allegations include the misappropriation of NNPC funds and the use of shell companies to siphon off billions of naira. Central to the scandal is businessman Bashir Haske, a politically connected figure and alleged proxy in the purported laundering scheme. Haske is widely known to be an associate and in-law of former Vice President Atiku Abubakar.

While neither the NNPC nor DSS has released an official statement, speculation is rife across industry circles and political corridors about the depth of the scandal. The absence of immediate clarification from the presidency or the national oil company has further fueled public distrust.

Reflection on Tenure and Fallout

Ojulari’s appointment was initially met with cautious optimism. A seasoned oil and gas executive, he was expected to steer NNPC through a turbulent post-subsidy reform era, navigate international crude pricing volatility, and boost downstream efficiency. However, his brief tenure was mired in internal wrangling and external scrutiny.

Energy experts say his resignation under a cloud of scandal could destabilize investor confidence in Nigeria’s oil sector, especially at a time when the federal government is courting foreign direct investment and promoting transparency in its extractive industries.

“This is a serious blow to the credibility of our national oil company,” said a former senior NNPC official who spoke on condition of anonymity. “If these allegations are true, then the system is more broken than we thought.”

What Happens Next?

As pressure mounts, stakeholders are calling for swift government action to investigate the allegations and reassure Nigerians that accountability will not be sacrificed for political expediency. Civil society organizations are also demanding that anti-graft agencies launch an immediate probe into Ojulari’s activities while in office.

Until an official statement is made, the public remains in the dark—and the vacuum is being filled with rumors, distrust, and speculation about who may be next in the line of fire.