The Presidency has officially confirmed the appointment of Engr. Bayo Ojulari as the new Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC Ltd), amidst swirling reports of alleged arrest by the Economic and Financial Crimes Commission (EFCC) and rumors of a forced resignation.
In a statement released through the Office of the Special Adviser to the President on Media and Publicity, the Federal Government dismissed the speculations as “unfounded and misleading,” clarifying that Ojulari remains in full control of his duties and has not been arrested or asked to resign.
“The appointment of Engr. Bayo Ojulari stands firm. He was chosen based on his impeccable record, vast experience in the oil and gas sector, and his commitment to transparency and reform in the industry,” the statement reads. “The reports making rounds about his alleged arrest by the EFCC are categorically false. We urge the public to disregard such misinformation.”
Ojulari, a seasoned petroleum engineer and former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), was announced as the GCEO of NNPC Ltd earlier this year, following a restructuring process aimed at bolstering efficiency, corporate governance, and profitability at the national oil company.
The clarification comes after widespread online reports on Friday evening claimed that Ojulari had been picked up by the EFCC over “legacy contract issues” dating back to his time in the private sector. The reports, which spread rapidly on social media, also suggested that pressure was being mounted for him to resign.
However, sources within both the EFCC and the Presidency have confirmed that Ojulari has not been detained or questioned. “There is no ongoing investigation involving him at this time. The EFCC is not in possession of Mr. Ojulari, and there is no directive from this office for any resignation,” said a senior Presidency official.
NNPC Ltd also released a brief statement echoing the Presidency’s position. “We reaffirm that Engr. Bayo Ojulari continues to discharge his responsibilities as Group CEO without disruption. Our operations remain unaffected, and we are focused on delivering on our strategic objectives,” it stated.
Industry stakeholders have since called for restraint and responsible reporting, warning that misinformation of this nature could destabilize investor confidence and hinder ongoing reforms in the petroleum sector.
Ojulari has yet to issue a personal statement, but insiders say he remains committed to the transformation agenda of the NNPC and is working closely with regulatory and international partners to reposition the company.