Fresh Twist At NNPCL As Energy Experts Retract Demand To Sack Bayo Ojulari

The Association of Energy Policy and Development Consultants (AEPD) has withdrawn its earlier call for the removal of Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari, after conducting further investigations into the company’s financial management.

The association said its additional review revealed what it described as a “high level of transparency” in NNPCL’s financial operations.

AEPD National President, Dr Ibrahim Danjuma, announced the reversal at a press conference in Kaduna on Friday, August 14, according to a statement issued by the association on Saturday.

Danjuma explained that the group’s initial demand for Ojulari’s resignation was based on incomplete information and interpretations that did not adequately reflect the circumstances surrounding NNPCL’s energy security expenditure and other financial commitments.

He said the association reviewed additional documents, examined the legal framework governing NNPCL’s responsibilities and consulted relevant industry stakeholders before changing its position.

Danjuma recalled that AEPD had previously accused NNPCL of what it described as a “disturbing level of opacity and weak accountability” and called for Ojulari’s resignation based on the information available at the time.

However, following its fresh investigation, the association said it reached a different conclusion about the company’s financial activities.

According to Danjuma, the review showed that NNPCL’s current management had demonstrated a level of financial transparency that deserved recognition rather than criticism.

The consultants also cautioned against interpreting the large amounts allocated to energy security expenditure as evidence of unexplained spending without considering the broader circumstances.

Danjuma said the association took into account NNPCL’s statutory responsibilities, its role as an energy supplier of last resort, petroleum pricing interventions, foreign exchange movements and other factors associated with the expenditure.

He added that NNPCL’s financial disclosures contained sufficient explanations to enable the claims to be subjected to independent scrutiny.

The AEPD president consequently apologised to NNPCL’s management, particularly Ojulari, for the conclusions reached before the association had completed a more comprehensive investigation.

Despite withdrawing its call for Ojulari’s removal, AEPD stressed that it remained committed to promoting transparency and accountability in the oil and gas sector.

The association called for continued legislative and independent scrutiny of NNPCL’s finances and urged stakeholders to avoid drawing conclusions based solely on isolated financial figures.

It also encouraged NNPCL to continue publishing comprehensive financial statements, provide clearer explanations for major expenditures and strengthen mechanisms for the independent verification and reporting of energy security costs.

Danjuma said the association chose to publicly reverse its earlier position after recognising that its initial assessment had not sufficiently taken all the facts into account.

He maintained that acknowledging and correcting an assessment after further investigation was itself an example of accountability.