Photo caption: Group Chief Executive Officer, NNPC Ltd., Mr. Bayo Ojulari
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC Ltd), Mr. Bayo Ojulari has come under fresh attack as a coalition of energy consultants under the umbrella of the Association of Energy Policy and Development Consultants (AEPDC) has called for his immediate resignation over lack of transparency, unexplained security spendings among others.
Besides, the energy experts noted that the oil company’s activities have been shrouded in secrecy since Ojulari assumed office, pointing out that his leadership has become synonymous with weak accountability and growing public distrust over the management of the nation’s oil resources.
The Association said the continued opacity surrounding the management of NNPCL’s finances, particularly the huge claims associated with energy security and pipeline protection, has further eroded public confidence in the oil company and raised serious questions about its commitment to transparency.
In a statement issued in Abuja on Friday, signed by its National President, Dr. Ibrahim Danjuma, the group expressed deep concern over figures contained in the company’s 2024 financial records, which reportedly showed total claims and under-recovery costs amounting to about N17.5 trillion, including approximately N7.13 trillion categorized as energy security and pipeline protection expenses.
The energy experts noted that while securing critical oil and gas infrastructure is essential to national economic stability, “no responsible corporate entity should expect Nigerians to accept expenditures running into trillions of naira without comprehensive disclosures, measurable outcomes and independent accountability”.
“The Nigerian people deserve to know precisely what these enormous expenditures covered, who the contractors are, the procurement processes adopted, the duration of the contracts, the performance benchmarks, and the value delivered to the nation.
“Energy security cannot become a blanket description under which every expenditure is concealed from public scrutiny. Such an approach is inconsistent with globally accepted principles of corporate governance and transparency”, the statement added.
The Association noted that despite the inauguration of a joint investigative panel by the National Assembly Committees on Petroleum Upstream, Midstream, Downstream and Gas to examine the energy security contracts and related expenditures, Nigerians are yet to receive a comprehensive public report on the outcome of the exercise.
It urged the National Assembly to conclude the investigation without delay and make its findings available to the public in the interest of accountability.
“The silence surrounding this investigation only fuels public suspicion. Nigerians have every right to know whether the enormous sums claimed under energy security represent prudent investments or whether systemic weaknesses exist that require urgent corrective action,” the statement added.
They energy industry experts expressed concern over the increasing public perception that opaque financial practices were gradually reintroducing subsidy-like obligations through indirect mechanisms.
“It is difficult to convince Nigerians that subsidy has ended when massive claims continue to emerge under various classifications whose operational details remain largely unavailable for public scrutiny. Whether these expenditures are justified or not, NNPCL owes Nigerians clear explanations supported by verifiable evidence.
“A commercially driven national oil company should not operate behind a veil of secrecy. Public trust is earned through openness, regular disclosure, and demonstrable accountability; not through vague financial classifications that leave citizens with more questions than answers,” it stressed.
They maintained that as custodian of one of Nigeria’s most strategic national assets, the NNPCL leadership has a higher obligation to embrace openness rather than resist legitimate public scrutiny.
“If Mr. Bayo Ojulari cannot inspire confidence through transparent management, timely disclosures, and accountable corporate governance, then he should consider stepping aside in the overall interest of the institution and the nation. Leadership is ultimately measured not only by operational performance but also by the confidence it inspires among stakeholders,” the oil industry experts declared.
The consultants also called on the Federal Government of Nigeria to strengthen oversight of the national oil company and ensure that all expenditures relating to energy security, pipeline surveillance and strategic infrastructure protection are subjected to periodic independent audits and public reporting.
They posited that restoring public confidence in the NNPCL would require institutional transparency, rigorous legislative oversight, and a demonstrable commitment to accountability in the management of Nigeria’s petroleum resources.
