President Bola Tinubu has established a Presidential Petroleum Reform and Value Optimisation Taskforce to design and sequence the next phase of structural reforms in Nigeria’s petroleum sector.
The President appointed Mr Fola Adeola, co-founder of Guaranty Trust Bank and founder/chairman of the Fate Foundation, as chairman of the task force.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Friday disclosed that the task force would operate as a time-bound, high-level executive working group tasked with producing execution-ready reform blueprints.
Other members of the taskforce are Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye, and Seyi Bella, with Mofoluwasho Fadayomi serving as secretary.
According to the statement, the task force will consolidate ongoing reforms, unlock capital within the petroleum sector, and strengthen Nigeria’s position as a leading global energy investment destination.
“The initiative reflects the President’s commitment to transforming Nigeria’s petroleum industry into a more competitive, transparent, and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience, and industrial development,” it read.
The taskforce will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors, and civil society as consultees while focusing on actionable policy design and implementation strategies.
It will report directly to the President and provide monthly progress memoranda, with an interim report expected after three months and final outputs within six months of inauguration.
About the Author
