The Association of Energy Policy and Development Consultants (AEPDC) has retracted its earlier call for the removal of Bayo Ojulari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), saying further investigations showed that its initial position was based on incomplete and misleading information.
Dr Ibrahim Danjuma, national president of AEPDC, announced the reversal at a press conference in Kaduna on Friday, where he said the association had conducted further investigations, reviewed relevant documents and consulted industry stakeholders after issuing its initial statement.
Danjuma said the association’s subsequent findings revealed a high level of transparency in the management of NNPCL, particularly regarding the energy security expenditure and other financial obligations that had initially triggered its criticism of Ojulari.
“We have called this press conference today because we owe Nigerians an important explanation. A few days ago, the Association of Energy Policy and Development Consultants (AEPDC) issued a statement expressing serious concerns about the management of the Nigerian National Petroleum Company Limited (NNPCL), particularly the figures relating to energy security expenditure, pipeline protection and other claims contained in the company’s financial records,” he said.
“In that statement, we called for the resignation of Mr Bayo Ojulari, group chief executive officer of NNPCL, arguing that the information available to us at the time suggested a disturbing level of opacity and weak accountability in the management of the nation’s petroleum resources.
“Today, after conducting further investigations, reviewing additional documents and engaging with relevant industry stakeholders, we have come before you to formally retract that position.”
The association said its initial assessment had been influenced by “incomplete information, selective interpretations and narratives” that did not adequately reflect the circumstances surrounding the expenditure under scrutiny.
Danjuma said AEPDC subsequently examined NNPCL’s financial disclosures, the legal framework governing its energy security obligations, under-recovery mechanisms, claims against the federation and the operational circumstances behind the expenditure.
“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 announced.
The group said the energy security figures should not be treated as unexplained expenditure simply because they involved large sums, arguing that they must be assessed within NNPCL’s statutory responsibilities, its role as an energy supplier of last resort, petroleum pricing interventions and exchange-rate movements.
According to Danjuma, the association also found that NNPCL’s financial disclosures contained explanations that could enable the claims to be examined and independently scrutinised.
“On this basis, we believe our earlier characterisation of the NNPCL’s position as one of secrecy was unfair. 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,” he said.
He stressed that the retraction did not amount to abandoning the group’s demand for accountability.
“Our decision today is therefore not a retreat from accountability. It is accountability in practice,” Danjuma emphasised.
The consultants maintained that legislative and independent scrutiny of NNPCL’s finances should continue, but urged stakeholders to approach the issue objectively and avoid drawing conclusions from isolated figures.
AEPDC also urged NNPCL to continue publishing comprehensive financial statements and providing clear explanations for major expenditures, while calling for stronger systems for independently verifying and reporting energy security costs.
Danjuma said the association’s revised position was based on its responsibility to correct itself after discovering that its earlier assessment was not sufficiently supported by 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.
The association subsequently withdrew its demand for Ojulari’s resignation and reaffirmed confidence in his leadership of NNPCL, while urging him and his management team to sustain transparency, accountability and efficiency in the management of Nigeria’s petroleum resources.