Nigerian Petroleum Company NNPCL Boss, Bayo Ojulari Accused Of Massive Corruption, Doubling His Salary Amid Staggering Fuel Prices

The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, has been accused of choosing personal enrichment over reform of the state-owned oil company, SaharaReporters has gathered.

Multiple sources within the NNPCL disclosed that Ojulari, barely weeks after assuming office, allegedly doubled his own salary and backdated the increase to cover months he had not even been paid.

“Ojulari, appointed with a mandate to cut costs and reposition the oil giant, has instead revealed a shocking taste for extravagance and personal luxury. Barely weeks after stepping into office, he reportedly chartered private jets to attend his very first board meeting, an action that underscored waste rather than reform,” a source said.

The manoeuvre, sources insist, ensured he pocketed arrears for April, May, and June, despite not being in office at the time.

“What makes the story even more damning is Ojulari’s own financial history. Before his sudden rise, his entire bank balance was said to be under ₦25 million. Yet, once in office, he not only awarded himself a 100 percent salary hike but also backdated the increase to April, ensuring that he pocketed arrears for April, May, and June,” another source alleged.

The revelations come as Nigerians endure record fuel prices, collapsing purchasing power, and widespread poverty.

While families are skipping meals and struggling with transport fares, Ojulari has allegedly been staging a personal display of extravagance at the expense of taxpayers.

In July, Ojulari was also accused of ferrying family and close friends to Dubai on private jets to mark his 60th birthday in grand style, an event that industry watchers have described as “obscene” against the backdrop of Nigeria’s worsening hardship.

“While millions of Nigerians struggle to afford food, transport, and healthcare, Ojulari flew family and friends to Dubai on private jets to mark his lavish 60th birthday. The spectacle, critics argue, was a grotesque show of privilege, completely disconnected from the poverty and hardship that defines daily life for the very people NNPCL is meant to serve,” the source said.

In August, SaharaReporters also reported how President Bola Tinubu’s Chief Security Officer (CSO), Adegboyega Fasasi, and Chief Personal Security Officer, Usman Shugaba, were implicated in a $1.5 million bribery scandal.

Sources told SaharaReporters that the duo allegedly facilitated access for the embattled Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Limited to meet with the President at the Presidential Villa (Aso Rock Villa), Abuja, after he reportedly paid them off.

SaharaReporters gathered that Tinubu met with Ojulari at 11am on June 10.

The NNPC boss, Ojulari, is currently under investigation for alleged money laundering involving the transfer of millions of dollars to the account of AA&R Investment Group.

The company is owned by Abdullahi Bashir-Haske, son-in-law of former Vice President Atiku Abubakar, President Tinubu’s main rival in the 2023 general elections.

Atiku remains a key figure in the coalition of opposition leaders seeking to unseat Tinubu and dislodge the ruling All Progressives Congress (APC) in 2027, using the African Democratic Congress (ADC).

“The President was angry after security reports linked Ojulari to questionable financial transactions with a company owned by Atiku Abubakar’s son-in-law, Bashir-Haske. Remember the story SaharaReporters published about a luxury retreat by members of the NNPC board and top management in Kigali, Rwanda, not long ago, the same Abdullahi Bashir-Haske coordinated it,” one of the sources said.

“The President accused Ojulari of using NNPC funds to support his political opponents indirectly.”

In July, Bashir-Haske was arrested by the Economic and Financial Crimes Commission (EFCC) for alleged money laundering.

According to sources, during interrogation, he revealed to the EFCC that the embattled NNPC boss had a physical discussion with the President through his personal security officers following the alleged $1.5 million bribe.

SaharaReporters learnt that after the EFCC queried him over funds paid into his account by the NNPC, he was asked to explain whether the money was linked to the ADC or any other political party. It was during this interrogation that he revealed $1.5 million had been given to Fasasi.

“There is a corruption allegation involving $1.5 million bribe against the CSO to the President, Lukman Adegboyega Fasasi, and Chief Principal Security Officer to the President, CP Usman Musa Shugaba,” a source familiar with the EFCC investigation told SaharaReporters.

“The pair collected $1.5 million from a close associate of the embattled NNPC CEO, Bashir Bayo Ojulari, to facilitate a meeting with the President.

“This revelation came after the EFCC arrested this close associate of the NNPC CEO, known as Bashir-Haske. During interrogation, Haske made different confessional statements about his involvement with some politically exposed individuals who are from opposition parties, as well as a cash of $1.5 million he gave security heads in the Presidential Villa to ensure Ojulari was given access to see Mr President.

“Fasasi even went ahead to issue a Presidential Villa access tag to Bashir-Haske, which granted him unrestricted access to Aso Rock. While being interrogated, he confessed that Fasasi also promised to help him (Bashir-Haske) talk to the EFCC chairman to make his case with the commission go away, but failed as he had no connection with the agency. He’s still in detention as we speak.

“Before Bashir-Haske was arrested, he was initially invited, so he knew there was a case against him and sought to make it go away.

“But the EFCC Chairman had already reported the matter to Mr President and requested approval for those involved to be released for questioning because they belong to different security agencies and work directly under the president.”

Another source in the Presidential Villa added, “Similar things happened in December 2024; Fasasi and other security officials in the villa collected $500,000 from a well-known Niger Delta militant to help facilitate a contract job.

“Fasasi has abused his office several times, collecting bribes to grant politicians and others access, defrauding and tarnishing the image of Mr President, as well as being a threat to the safety of Mr President.

According to him, no one can remove him as CSO to Mr President, as he has the backing of the top brass of the government.

“Fasasi was once removed as CSO to Mr President for unprofessional conduct but was later reinstated. He and Shugaba have abused their powers and engaged in various unprofessional conduct.”