Tinubu Constitutes Presidential Taskforce to Deepen Petroleum Sector Reforms With Fola Adeola As Chairman
President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Taskforce to design and coordinate the next phase of structural reforms in Nigeria’s petroleum sector.
The approval was contained in a State House press release issued on Friday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
According to the statement, the Taskforce will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder and chairman of Fate Foundation, who will coordinate the group’s activities and ensure the timely delivery of its mandate.
Other members of the Taskforce include Ademola Adeyemi-Bero, Osagie Okunbor, Abubakar Suleiman, Adaeze Aguele, Farouk Gumel, Phillipa Osakwe-Okoye and Seyi Bella, while Mofoluwasho Fadayomi will serve as secretary.
The presidency said the Taskforce is a time-bound, high-level executive working group mandated to produce execution-ready reform blueprints aimed at consolidating ongoing reforms, unlocking capital within the petroleum sector and strengthening Nigeria’s position as a leading global energy investment destination.
The initiative, according to the statement, underscores President Tinubu’s commitment to transforming the petroleum industry into a competitive, transparent and value-maximising sector capable of driving long-term economic growth, macroeconomic resilience and industrial development.
It further explained that the Taskforce will operate as a technical reform body rather than a representative committee, engaging industry operators, regulators, investors and civil society organisations as consultees while focusing on actionable policy design and implementation strategies.
The Taskforce will report directly to the President and submit monthly progress memoranda. An interim report is expected after three months, while the final outputs are to be delivered within six months of its inauguration.
Among its key assignments is the development of three major reform blueprints. The first is an Implementation Toolkit for Immediate Structural Fixes, which will include draft legislative amendments, executive instruments and proposals for institutional restructuring.
The second deliverable is the Capital and Liquidity Acceleration Blueprint aimed at unlocking between $5 billion and $10 billion in sectoral liquidity while safeguarding Nigeria’s sovereign interests.
The third blueprint will focus on a National Energy Transformation Strategy; a ten-year roadmap with measurable targets for production, foreign exchange earnings, contribution to Gross Domestic Product and cost competitiveness in the energy sector.
President Tinubu has also directed all Ministries, Departments and Agencies, regulators and relevant institutions to provide full technical support to the Taskforce and submit inventories of ongoing initiatives to ensure alignment with the emerging reform framework.
In addition, all existing committees, teams and working groups established under various reform initiatives in the petroleum sector have been directed to align their activities, reporting structures and work programmes with the new Taskforce.
The presidency said the streamlining would ensure coordination, eliminate duplication of mandates and provide institutional clarity in the petroleum sector reform architecture.
It added that all relevant documentation, institutional knowledge and ongoing workstreams must be made available to the Taskforce to aid the development and implementation of a comprehensive reform framework.
According to the statement, the Taskforce will automatically dissolve upon submission and acceptance of its final report by the President.
