The Group Chief Executive Officer, GCEO, of the Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has said that his life and that of the company’s management staff are under serious threat.
Ojulari stated that his offence is the set of reforms he has introduced in the oil and gas sector in line with the mandate given to him by President Bola Tinubu to revive the moribund refineries.
He raised the alarm on Thursday, lamenting that some powerful elements are plotting to remove him from office.
The NNPCL boss made this disclosure while receiving a delegation of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, led by its President, Comrade Festus Osifo, at the company’s headquarters in Abuja.
According to him, the company was considering adopting an NLNG-style partnership model with “a professional refinery company” to ensure the sustainability and profitability of Nigeria’s refineries.
He explained that after technical and commercial reviews of the refineries, it was clear that running them without professional partnerships would continue to drain resources.
“A lot of money has been spent on these refineries, but translating that into profitability has been difficult because of years of neglect. When I resumed, we found that we were losing between $300 million and $500 million monthly. We had to stop operations and look for a sustainable solution,” he said.
The NNPCL GCEO emphasised that the reforms had unsettled vested interests, triggering coordinated attacks against him and his management team, including petitions to the Economic and Financial Crimes Commission, EFCC.
“We are under attack. It is real. There are formidable plans to take me out of this seat. But we are determined to stay focused and deliver on the mandate given to us by President Tinubu,” Ojulari said.
Ojulari, however, assured staff that their jobs would not be threatened by the reforms, stressing that new opportunities and training would emerge as the refineries are modernised.
Speaking on the fuel supply situation, he noted that there had been no major shortages due to strategic partnerships, including NNPCL’s equity stake in the Dangote Refinery. He projected that within the next two to three years, at least one or two of the nation’s refineries would be fully operational to meet growing demand in sub-Saharan Africa.
On his part, the President of PENGASSAN, Comrade Festus Osifo, said the oil workers’ union visited to thank the NNPCL management for its partnership during the recently held 2025 PENGASSAN Energy and Labour Summit, PEALS in Abuja.
The union also acknowledged the “remarkable milestones” recorded so far under the GCEO’s watch.
“Our pipelines are now working. Also, crude oil theft has significantly reduced, leading to increased production. As PENGASSAN, we assure you that we are solidly behind you. We will work with you and collaborate with your team to ensure the stability of the system for the benefit of all Nigerians,” he stated
