President Bola Ahmed Tinubu has approved the establishment of a Presidential Petroleum Reform and Value Optimisation Task Force to design and implement the next phase of structural reforms in Nigeria’s petroleum industry, according to a statement released by the State House.
The task force, according to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, will be chaired by Fola Adeola, co-founder of Guaranty Trust Bank and founder of the Fate Foundation. Adeola will coordinate the group’s activities and ensure the timely delivery of its mandate.
Other members of the task force 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.
According to the presidency, the task force is a time-bound, high-level executive working group tasked with producing practical reform blueprints aimed at consolidating ongoing reforms, unlocking investment capital in the petroleum sector, and strengthening Nigeria’s position as a global energy investment destination.
The body will operate as a technical reform group rather than a representative committee, engaging industry operators, regulators, investors, and civil society groups primarily as consultees while focusing on developing actionable policy and implementation strategies.
The task force will report directly to President Tinubu and submit monthly progress reports. An interim report is expected after three months, with final recommendations due within six months of its inauguration.
The President expects the task force to deliver three major reform blueprints:
Implementation Toolkit for Immediate Structural Fixes – This will include draft legislative amendments, executive orders, and proposals for institutional restructuring within the petroleum sector.
Capital and Liquidity Acceleration Blueprint – A strategy designed to unlock between $5 billion and $10 billion in sector liquidity while safeguarding Nigeria’s sovereign interests.
National Energy Transformation Strategy – A 10-year roadmap outlining measurable targets for oil and gas production, foreign exchange earnings, contributions to GDP, and cost competitiveness in the global energy market.
President Tinubu has directed all ministries, departments, agencies, and sector regulators to provide full technical support to the task force. These institutions are also required to submit inventories of their ongoing initiatives to ensure alignment with the new reform framework.
The President further ordered all existing committees and working groups operating under different petroleum reform programmes to align their activities and reporting structures with the new task force to avoid duplication and ensure policy coherence.
All relevant documents, institutional knowledge, and ongoing workstreams across government institutions are to be made available to the task force to support the development of its reform framework.
The presidency described the initiative as a strategic instrument to accelerate reforms, strengthen governance in the petroleum sector, and optimise Nigeria’s energy assets to support long-term economic transformation.
The task force will automatically dissolve after submitting its final report and once the President accepts its recommendations.
