NNPCL: Energy Experts Retract Call For Bayo Ojulari’s Sack

The Association of Energy Policy and Development Consultants (AEPD) has withdrawn its call for the removal of Nigerian National Petroleum Company Limited (NNPCL) Group Chief Executive Officer, Bayo Ojulari, after further investigations found what it described as a “high level of transparency” in the company’s financial management.

The association’s national president, Dr Ibrahim Danjuma, announced the reversal at a press conference in Kaduna on Friday, August 14, according to a statement AEPD made available to Naija News on Saturday, August 15.

The statement said the group based its earlier demand on incomplete information and interpretations that did not fully capture the circumstances surrounding NNPCL’s energy security expenditure and other financial obligations.

Danjuma said AEPDC reviewed additional documents, examined the legal framework governing NNPCL’s obligations and consulted industry stakeholders before reaching its new position.

“We have called this press conference today because we owe Nigerians an important explanation,” Danjuma said.

He recalled that the association had earlier accused NNPCL of a “disturbing level of opacity and weak accountability” and called for Ojulari’s resignation based on the information available to it at the time.

“Today, after conducting further investigations, reviewing additional documents and engaging with relevant industry stakeholders, we have come before you to formally retract that position,” he said.

According to Danjuma, the association’s further review produced a different picture of NNPCL’s financial activities.

“What emerged from this exercise was substantially different from the picture initially presented to us. Our findings reveal a level of transparency in the current management of NNPCL that we believe deserves recognition rather than condemnation,” he said.

The consultants said the large figures attached to energy security expenditure should not, on their own, suggest unexplained spending. Danjuma said the association considered NNPCL’s statutory responsibilities, its role as an energy supplier of last resort, petroleum pricing interventions, exchange-rate movements and other factors surrounding the expenditure.

He added that the company’s financial disclosures contained explanations that could allow the claims to undergo independent scrutiny.

“On this basis, we believe our earlier characterisation of the NNPCL’s position as one of secrecy was unfair,” Danjuma said.

“We therefore apologise to the management of NNPCL, particularly Mr Bayo Ojulari, for the conclusion we reached before completing the level of investigation that this matter deserved.”

Despite withdrawing its demand for Ojulari’s resignation, AEPDC said the decision did not weaken its position on accountability.

“Our decision today is therefore not a retreat from accountability. It is accountability in practice,” Danjuma stressed.

The association called for continued legislative and independent scrutiny of NNPCL’s finances while urging stakeholders to avoid reaching conclusions from isolated financial figures.

AEPDC also asked NNPCL to maintain the publication of comprehensive financial statements and provide clearer explanations for major expenditures. It further called for stronger systems to independently verify and report energy security costs.

Danjuma said the association decided to publicly correct its earlier position after discovering that it had not sufficiently considered the full facts.

“We made a judgment. We investigated further. We found that the judgment was not sufficiently supported by the full facts. We are correcting it publicly,” he said.