NNPC: Cut Ojulari and New Board Members Some Slacks

By Comrade Bamidele Atoyebi

As public chatter intensifies over trillions supposedly unaccounted for in the Nigerian National Petroleum Company Limited (NNPC Ltd), it is crucial to separate political fiction from professional fact. The recent controversy surrounding alleged missing funds has stirred unnecessary public hysteria, much of it founded on misinformation and political undertones. Headlines of NNPC being “indebted to the tune of ₦100 trillion” or “mismanaging ₦200 trillion” are not only sensationalist but risk undermining the efforts of a newly constituted board that hasn’t spent up to four months in office.

It is essential to state the facts clearly: the new board of NNPC, including the Group Chief Executive Officer, Bayo Ojulari, and other newly appointed members, was inaugurated in April 2025. These professionals true technocrats in every sense of the word have not had sufficient time to be held accountable for alleged financial irregularities that date far back into previous administrations.

If indeed there are credible claims of mismanagement or missing funds as loosely suggested, then the right approach is to invite former board members, especially Mele Kyari and Chief Pius Akinyelure and his team, who presided over NNPC during the period in question. This is basic accountability logic. It is not only misleading but unjust to turn a spotlight of suspicion on a board that barely has its boots laced.

We must ask: Who is sponsoring this media campaign? What are the motivations behind pushing a narrative that deliberately ignores the chronology of appointments, responsibilities, and timelines? Why is the Senate not backing its claims with a transparent financial review instead of throwing figures into the public space without substantiation?

The answer lies in the growing discomfort among certain entrenched interests some may even call them “village people” who do not want Nigeria to make progress. They recognize the threat that capable and uncompromised leadership poses to the old order of impunity and mediocrity. They see the fresh wind of technocratic leadership at NNPC as a direct challenge to the status quo, and so, they attack it.

What is particularly commendable about this new NNPC board is not only its professionalism but the unprecedented transparency it has brought. Ojulari, a seasoned engineer with decades of experience from Shell and Renaissance Africa Energy, is already redefining standards. Within weeks of assuming office, he authorized the release of April’s operational and financial data the first move of its kind in the company’s history. Revenues were posted at ₦5.89 trillion, with a profit-after-tax of ₦748 billion, clearly reported for public scrutiny.

But Ojulari is not working alone. One of the quiet titans on the board brings with him over three decades of sterling achievement in Nigeria’s oil and gas sector. Starting his career at Shell before joining NNPC in 1993, he played leading roles in critical infrastructure projects such as the Calabar Ajaokuta pipeline and the OB3 gas pipeline both vital to Nigeria’s domestic gas supply strategy. His leadership as Chief Operating Officer for Gas & Power saw the doubling of Nigeria’s domestic gas footprint, and his insistence on innovative procurement and contract design saved the nation billions. In a sector often plagued by inefficiencies, he stood out for his strategic clarity and fiscal discipline. Now, as a non-executive board member, he brings this strategic expertise into shaping corporate policy and oversight critical for restoring trust in NNPC governance.

It’s also worth noting that he was the only one among those who served under then Petroleum Minister Diezani Alison-Madueke during the Jonathan administration who was never invited by the ICPC, EFCC, or any law enforcement agency. We all know the looting spree that took place under that regime and how many fled the country to evade arrest or interrogation. The EFCC arrested and jailed as many as they could but here is a man of integrity who never ran, was never questioned, and was never indicted for any financial misconduct. That’s the kind of person alongside other capable professionals that certain forces are trying to smear barely four months into office. It should be totally disregarded.

Ojulari himself is no stranger to transformation. As Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), he led the Bonga deep-water asset to peak performance, increasing output by 20% and reducing costs by over 30%. His engineering acumen and leadership won the Bonga FPSO several accolades, including “Asset of the Year.” Post-Shell, he continued his legacy at Renaissance Africa Energy, where he steered a groundbreaking $2.4 billion indigenous acquisition of Shell’s onshore assets, making a strong case for Nigerian control in the energy sector.

Together, Ojulari and his colleague are charting a course that reflects President Tinubu’s confidence in their ability to reform the oil and gas sector. Their plans are ambitious yet strategic: boosting oil production to 2 million barrels per day by 2027, hitting 3 million barrels by 2030, and attracting upwards of $60 billion in investments within five years. Add to this the roadmap for revitalizing Nigeria’s refining capacity and expanding gas infrastructure, and it becomes clear: the board isn’t asleep at the wheel they are racing to get Nigeria back on track.

Let it be said clearly: this is the first time in Nigeria’s oil history that a team of professionals, not political appointees, has been given the reins of NNPC. That in itself is a step in the right direction. Instead of unwarranted criticism and phantom allegations, what they need is support, patience, and the space to implement long-overdue reforms.

Nigeria has lost enough time and resources to distractions. The Senate and other political actors must rise above opportunistic politics. They should support these new NNPC leaders, not sabotage them. A true national interest conversation would focus on reform metrics, deliverables, and transparent financial reviews, not vague accusations aimed at derailing progress.

This board is capable. The president knows it. The industry knows it. The Nigerian people should come to know it, too.

It’s time to cut Ojulari, his colleagues, and the entire new NNPC board some slacks and let them work.

Comrade Bamidele Atoyebi, the Convenor of the BAT Ideological Group, engages in accountability and policy monitoring while also serving as a social worker, criminologist, maritime administrator, and philanthropist. He sent this message from Abuja.