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The Enemy Within: On NNPCL GMD Bayo Ojulari’s Frenemies

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By Lanre Alfred

I have often said that the most dangerous wars are not fought in the deserts of Sambisa or the swamps of the Niger Delta; they are planned over champagne glasses in Maitama lounges, perfected in the conspiratorial corners of Abuja cocktail parties and waged in polished boardrooms.

Power in Nigeria is never left unchallenged, and if you imagine that enemies disappear because you survived one storm, then you are already courting disaster.

Which is why I find myself deeply unsettled by what I hear whispered in hushed tones about Bayo Ojulari, the Managing Director of the Nigerian National Petroleum Company Limited (NNPCL)....click link for details

Saboteurs Hinder Transformation, Says NNPCL Management

He believes, so I hear, that the storm around him has passed. He assumes that because he has not been dragged into yet another public scandal in recent weeks, the vultures have abandoned their hunt.

Nothing could be further from the truth. If anything, the vultures are circling closer, hungrier, and deadlier than before.

And I say this with the conviction of one who has lived long enough in high society’s theatre of intrigue to know that the fiercest daggers are not wielded by enemies at the gate but by friends at the table.

The storm around Ojulari is not over, it has only gone underground. The cabal that once sought his head has not retired to the shadows in defeat; they have regrouped, reorganised, and this time, their playbook is sharper.

The story making the rounds in select Abuja drawing rooms is chilling. A high-ranking member of Ojulari’s own management team, yes, a man who sits across from him in meetings, who addresses him as “sir” with practiced deference, has now become the lead conspirator. This individual, from what I am told, has positioned himself as the mole, the inside man, feeding external traducers with information, documents, and ammunition that could destabilise Ojulari’s tenure.

This is the cruel irony of power: the most dangerous enemy is always the one who knows your schedule, your weaknesses, your blind spots. I do not envy Ojulari. Imagine sitting in a boardroom, trading jokes with a man who has already drafted your obituary in the corridors of influence.

But Abuja is Abuja. Here, betrayal is not a character flaw; it is a survival tactic. And if Ojulari is not yet fully awake to this reality, then the next ambush may very well end his career.

Unlike the first round of attacks, which were noisy and visible, this fresh batch of assaults is being fine-tuned to be surgical. I have heard whispers of dossiers, files thick with allegations, some perhaps exaggerated, others entirely fabricated.

These dossiers, according to insiders, are being prepared to be leaked to the media and the power brokers who matter, those who have the ears of President Bola Tinubu.

And make no mistake, Abuja thrives on perception. In this city, a rumour repeated often enough acquires the texture of fact. A rumour in Asokoro can become a headline in Lagos within 24 hours. By the time Ojulari hears the story, it may already be too late.

Pundits are quick to say this is the cabal fighting back. And they are right. Nigeria’s oil and gas industry has never been a playground for the fainthearted. The entrenched interests who feel sidelined by Ojulari’s policies are not the type to lick their wounds quietly. They are used to getting their way; they are used to cutting deals in the dark. For them, Ojulari is an inconvenient roadblock, a man whose tenure threatens the delicate balance of influence that has lined pockets for decades.

So, of course, they want him out. And, of course, they will not stop until they achieve it. But the intrigue takes a darker twist when you consider the speculation that if Ojulari has soiled his hands even slightly; by signing off on a questionable contract, overlooking a misstep, or failing to cover his tracks, the cabal will weaponise that evidence against him. In other words, if he has given them a nail, they will build a coffin around it.

What unsettles me most is not the cabal, it is the fact that the betrayal is internal. Abuja society is full of stories like this. I recall a certain parastatal head who, believing he had defeated his enemies, threw a lavish party at the Hilton, only to discover months later that the man leading the charge to remove him was the “loyal subordinate” who toasted him at the event. History is full of such tragedies.

The lesson is simple: the enemy within is always deadlier than the enemy outside. Outside enemies may threaten, but inside enemies are deadlier.

If I were in Ojulari’s shoes, I would not sleep with both eyes shut. I would first tighten my house, conduct loyalty checks, and identify the moles. It is not paranoia, it is survival. Every empire has fallen because the emperor trusted the wrong man at the wrong time.

Second, Ojulari must embrace transparency like a shield. The moment a fresh rumour or narrative is launched, he must counter it with facts. Delay is fatal. In Abuja’s gossip economy, silence is rarely golden; it is a death sentence.

Third, and perhaps most importantly, he must reposition himself as indispensable to President Bola Ahmed Tinubu’s larger economic reforms. Because in this city, relevance trumps innocence. If Tinubu sees him as integral to his oil and gas vision, the cabal’s darts may bruise but they will not bury him.

Permit me, at this juncture, a detour into the cocktail circuit, because that is where much of this war is being plotted. I was recently at a dinner in Maitama where a senator leaned over his wine glass and said, “Ojulari does not know what is coming.” The table chuckled knowingly. This is how Abuja operates; wars are fought with official memos and in coded jokes at private dinners.

In Wuse II lounges, among the city’s nouveau riche, the talk is already that Ojulari is a marked man. Some believe he will not last the year; others insist Tinubu will protect him because “Baba does not like to be seen as succumbing to blackmail.” But the fact that his fate is a topic of casual conversation at high-society gatherings tells you everything; you are only safe in Abuja when nobody is talking about you.

Ojulari’s case is a reminder of how fragile power is in Nigeria. Today, you are celebrated with front-page photographs and glowing press releases. Tomorrow, you are the subject of a leaked dossier, your name smeared in WhatsApp groups, your allies deserting you one by one.

I remember the story of a certain former minister, a man once hailed as the “star boy” of his administration. One day, he was the darling of the President; the next, he was left out in the cold, betrayed by those he thought loyal. Abuja does not do permanent friends, it only does permanent interests.

And so, I return to my refrain: the storm is not over. It has only gone quiet, and quiet storms are the deadliest. Bayo Ojulari must not be lulled into a false sense of security. The enemy is not at the gate, the enemy is in his team. And unless he sharpens his instincts, fortifies his alliances, and stays two steps ahead, he may yet be unceremoniously booted out of office.

 

Source: Thecapitalng

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Breaking: CBN Crashes Dollar, Announces New Rates 

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Naira Stable In Official Market

The Central Bank of Nigeria (CBN) has announced a new exchange rate for the dollar, with the naira closing at N1,357 per dollar despite high demand for the greenback.

According to data from the CBN, the naira closed flat at N1,357 to a dollar, indicating no change from the previous trading session.

The current rate comes as Nigeria’s external reserves hit $52 billion, a 17-year high. Experts have said the current naira stability has trickled down to other sectors, with imports now getting cheaper.

The CBN sharply ramped up its foreign exchange interventions in March 2026, selling $953.41m to the market in what the data shows is the strongest central bank FX activity since April 2025.

Figures published in the CBN’s latest Quarterly Statistical Bulletin showed that spot market transactions made up the bulk of the March sales, with $950.10m channelled through that route and a further $3.31m directed to Ministries, Departments and Agencies.

The March figure represents a dramatic swing from the opening months of 2026. The CBN sold just $58.93m in January and $244.13m in February, meaning March’s intervention was more than 16 times the January level and roughly 291 per cent above February’s sales.

The last time interventions reached a comparable scale was April 2025, when the CBN supplied $1.65bn to the market. Sales cooled significantly after that peak, falling to $838.93m in May, $676.31m in June, and then sliding further to $399.80m in September and $150.10m in October before picking up again towards the close of 2025.

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No More N14,000/Bag: Dangote Cement Breaks Silence on New Prices Nationwide 

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The chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has explained why cement prices remain high across Nigeria, attributing the persistent increases to rising energy costs and the impact of foreign exchange on production expenses.

His comments come amid growing concerns from Nigerians over the soaring cost of building materials, with many calling on the government to intervene as cement prices continue to put pressure on construction projects and housing development.

Speaking during the 17th Annual General Meeting (AGM) of Dangote Cement Plc in Lagos, Ikazoboh said energy remains the biggest cost component in cement manufacturing, accounting for about 60 per cent of total production expenses.

Energy, dollar exchange rate driving costs According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations. He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices.

According to Ikazoboh, cement manufacturers rely heavily on gas, coal, and diesel to power their operations. He noted that gas, one of the key energy sources, is sold in United States dollars, exposing manufacturers to exchange rate fluctuations.

He explained that the continued depreciation of the naira against the US dollar has significantly increased production costs, making it difficult for manufacturers to maintain lower prices. “To produce a bag of cement, we need energy, which constitutes about 60 per cent of the production cost. To generate that energy, we use gas, coal or diesel,” he said.

“Gas is sold to us in US dollars, and its price continues to increase. We all know the impact of the exchange rate between the dollar and the naira. As a result, the cost of generating energy keeps rising.”

His remarks offer one of the clearest explanations yet from the country’s largest cement producer on the factors behind recent price increases.

 

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Dr. Deji Adeleke: How Davido’s Billionaire Father Built His Business Empire; Major Companies Linked to Him

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Dr. Deji Adeleke, the father of the globally recognized musician Davido, is not just known for his familial ties to the entertainment industry but also his immense wealth and substantial impact on Nigeria’s economic landscape. Born on March 6, 1957, in Enugu, Nigeria, Adedeji Adeleke has built a formidable empire through his business acumen and  educational investments.

Adeleke’s Business Ventures
Dr. Adeleke founded Pacific Holdings Limited in 1983, which has grown into a major conglomerate in Nigeria, encompassing various sectors such as agriculture, energy, and real estate.

This company is a cornerstone of his financial success, with divisions like Pacific Farm Limited, Pacific Freightliners Limited, and Pacific Gas Company Limited contributing significantly to his wealth.

Adeleke’s Real Estate Investments
Adeleke’s real estate portfolio is vast and diversified. He owns properties across Nigeria, including high-value areas like Ikoyi, Lekki, Banana Island, and Victoria Island in Lagos. Additionally, he has invested in international properties, including a mansion in Atlanta, USA, which he acquired to celebrate his 60th birthday.

Adeleke’s University and Philanthropy
In line with his passion for education, Adeleke founded Adeleke University in Ede, Osun State, under the auspices of the Springtime Development Foundation, which he established in 1996. The university operates on the Seventh-day Adventist philosophy of education and offers various undergraduate and postgraduate programs.

His philanthropic efforts extend beyond education, impacting healthcare and community development. These initiatives not only enhance his public image but also contribute to long-term societal benefits, reinforcing his legacy as a socially responsible entrepreneur.

Adeleke’s Luxurious Lifestyle
Dr. Adeleke’s lifestyle reflects his financial success. He owns luxury cars such as a Rolls Royce Phantom and a 2017 Bentley Mulsanne, and he flies in style with his Bombardier Global Express 6000 private jet, valued at $62 million.

Adeleke’s Net Worth
Estimations of Adeleke’s net worth vary, with some sources placing it around $700 million, while others suggest it could be as high as $2 billion. His wealth is attributed to his diversified investments in real estate, stocks, and bonds, alongside the thriving operations of Pacific Holdings Limited.

Adeleke’s Family and Personal Life
Adeleke is a father to four children: Adewale, David (Davido), Sharon, and Coco Adeleke. Despite initial resistance to Davido’s music career, he eventually supported his son’s passion, even funding the establishment of a music department at Babcock University for him. Today, Davido is not only a successful musician but also a director in the family business.

 

Conclusion
Dr. Deji Adeleke’s story is one of remarkable success through strategic education, entrepreneurship, and philanthropy. His wealth and business acumen have positioned him as one of Nigeria’s most influential figures, contributing significantly to the nation’s economic and social development. As he continues to invest and expand his empire, his legacy is set to influence future generations both within and outside Nigeria.

Adeleke’s Early Life and Education
Adeleke’s journey began in an affluent family in Lagos. He attended Ansar-ud-Deen Primary School and Seventh-Day Adventist Grammar School before moving to the United States, where he earned a degree in Finance from Western Kentucky University in 1979, followed by an MBA. Furthering his  education, he obtained a Ph.D. in International Business from Pacific Columbia University, and another Ph.D. in Business Administration from the University of Phoenix in 2010.

 

– kashgain

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