The Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, is facing allegations of financial impropriety and reckless spending, barely months after assuming office.
This newspaper learned that Ojulari allegedly doubled his salary shortly after resuming duties and backdated the increase to cover months when he had not even taken office.
“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 disclosed.
According to the allegations, the manoeuvre ensured Ojulari received arrears for April, May, and June, even though he only assumed the role later.
“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 insider alleged.
The revelations come at a time when Nigerians are grappling with soaring fuel prices, reduced purchasing power, and widespread economic hardship. Critics say the alleged conduct of the NNPCL boss portrays a sharp disconnect from the realities faced by ordinary citizens.
In July, Ojulari was further accused of staging a lavish 60th birthday celebration in Dubai, flying family members and close friends on private jets.
“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,” a source said.
The controversies surrounding Ojulari deepen existing public anger over the management of Nigeria’s oil resources, with calls growing for greater accountability at the state-owned energy firm.
